Shanghai copper has not yet broken through the upper resistance, and the risk of short-term pullback remains

In the external market, Asian London copper oscillated and rebounded, of which the 3-month London copper traded at 6816-6770 US dollars / ton, up slightly 0.
45% to 6806 US dollars / ton, and the daily closing price hit a new high
since October 28, 2014.
In terms of positions, on August 29, the position of London copper was 340,000 lots, a daily increase of 3,275 lots, which is two consecutive days, but recently London copper fell into a high oscillation sorting, and the position increased time, showing that long and short operations are cautious, and it is still necessary to be vigilant against the risk of
high pullback.

On the macro front, the Asian dollar index extended its rebound, indicating that after the gradual release of downside risks, the demand for a technical rebound strengthened, and it is now trading around
92.
9.
U.
S.
ADP employment rose 237,000 in August, far ahead of expectations, the largest increase since March, higher than the expected 185,000, and the US non-farm payrolls data for August due on Friday gave the dollar index momentum
.
In addition, China's official manufacturing PMI in August was 51.
7, up 0.
3% month-on-month, and the manufacturing industry generally maintained a stable and positive development trend
.
In the industry, Indonesia's state-owned enterprise minister Rini Soemarno said on Thursday that Indonesia hopes that the sale of ownership of the Grasberg copper mine in Indonesia, a subsidiary of Freeport's McMorun copper and gold mining company, can be completed
in one lump sum.

In terms of the market, on August 31, Shanghai electrolytic copper spot reported a discount of 60 yuan / ton - flat water for the contract of the month, and the transaction price of flat water copper was 52540 yuan / ton - 52680 yuan / ton
.
Morning market holders try to make a good copper premium, but due to the last trading day at the end of the month, the company still has a certain financial pressure, the activity of the plate is also limited, the market is temporarily difficult to recognize, the holder adjusted to a good copper discount of 20-10 yuan / ton, the transaction has improved, flat water copper morning market quotation discount of about 50 yuan / ton, cost-effective flat water copper is popular, the quotation is increased by 10 yuan / ton
.
The month-end quotation is mostly limited, the market transaction is relatively tired, quiet, and the characteristics of the end of the month are obvious
.

During the day, the Shanghai copper 1710 contract oscillation rose slightly to 52820 yuan / ton, accompanied by the reduction and contraction of positions for the fourth consecutive day, indicating that the willingness of funds to hold positions declined, and long and short positions were reduced and left the market on the sidelines
.
And copper prices have not fallen decently after continuing to rise, and the market investment sentiment is cautious
.
In operation, it is recommended that the Shanghai copper 1710 contract maintain the oscillation idea, which can be sold high and low in the range of 51500-53000 yuan, and the stop loss is 500 yuan / ton
each.