Shanghai copper high oscillation finishing closed slightly lower at the end of the day

In the external market, Asian London copper fell into a high oscillation finishing, of which the 3-month London copper is now down 0.
32% to 6300 US dollars / ton, up 0.
67% from the intraday low of 6258 US dollars / ton, and the current London copper is close to the high set on May 18
, 2015.
In terms of positions, on July 27, the position of London copper was 341,000 lots, an increase of 2,880 hands per day, and for four consecutive days, Lun copper increased its position and rose, indicating that the popularity of the copper market was higher, and the bulls gradually gained the upper hand
.

On the macro front, the Asian dollar index continued to fall under pressure and is now trading around 93.
7, close to the low set on June 23 last year
.
In addition, the preliminary monthly rate of durable goods orders in the United States rose 6.
5% in June, the highest increase since July 2014, better than the market expectation of a 3% increase, a revised decline of 0.
1% in May, and a preliminary decline of 0.
8%.

In the copper industry, Chile's National Copper Commission said that the global average copper price in 2017 is expected to be $2.
64/lb, higher than the previous expectation of $2.
60/lb, mainly due to increased demand from China, while Chile's copper production in 2017 is expected to be about 5.
6 million tons, an annual increase of 0.
8%, and Chilean copper production in 2018 increased to 5.
9 million tons
.

In terms of the market, on July 28, Shanghai electrolytic copper spot reported a discount of 100 yuan / ton - 70 yuan / ton for the contract of the month, and the transaction price of flat water copper was 49580-49880 yuan / ton
.
The basis of the morning market maintained stability and around 150 yuan / ton, the quotation remained stable at the discount of 100-70 yuan / ton, the quotation was stable, but the transaction was not optimistic, the price performance at the end of recent months did not change much, traders did not see a large number of incoming goods into the market, the transaction was subject to restrictions
.
Near the end of the afternoon market, Shanghai copper quickly fell 200 yuan / ton, the basis narrowed slightly to 120 yuan / ton, but the closing quotation remained unchanged, and the downstream bargain just needed to buy slightly
.
The copper market still has room for a correction, and the supply and demand sides are still in a stalemate
.

The Shanghai copper 1709 contract oscillated to 49940 yuan / ton during the day, and the 50,000 mark was not held for the time being, mainly suppressed by the demand for technical pullback, but the decline was relatively limited
.
In the short-term copper market, because 7 types of copper scrap will be banned from imports and other factors, the signs of capital speculation are obvious, and long-short operations need to be cautious
.
In operation, it is recommended that the Shanghai copper 1709 contract can sell high and low in the range of 49600-50800 yuan, and the stop loss is 500 yuan / ton
each.