Shanghai copper is hindered to fall back within the day, and it is still stuck in the range in the short term

In terms of external trading, London copper opened at 4884.
5 US dollars / ton, the Asian market at the beginning of the London copper rushed to 4902.
5 US dollars / ton, touched the 10-day moving average after the shock fell back to the 20-day line around the 4885 US dollars stalemate, in the afternoon with the rise of the US dollar, a wave of long liquidation outflow, the center of gravity of London copper fell in a stepped manner, entering the European session to test as low as 4850.
5 US dollars / ton, and then the Eurozone, Germany, France and Italy announced that the July service PMI was higher than the final value of June, the market was encouraged.
London copper recovered from the low to recover the daily average, as of 18:00, London copper reported 4880 US dollars / ton, down 5.
5 US dollars / ton
.

On the macro front, on Tuesday, the Japanese government announced the details of the 281,000 yen economic stimulus package, of which 1.
35 billion yuan was fiscal stimulus, but because it did not mention whether it will be spent this year or the additional spending in the next few years, and the market believes that the strength is still insufficient, the yen remains a safe haven
.
The recent weakening of the US dollar has failed to provoke a strong recovery in copper prices, reflecting market concerns
about the economy.
On Wednesday, China's National Development and Reform Commission wrote that the downward pressure on investment cannot be ignored, and it is necessary to choose the opportunity to cut interest rates and reduce the cost of enterprises, which has strengthened the market's expectations of China's interest rate cuts and RRR
cuts.
For now, the market is still waiting for the release of US private employment data today to provide clues
to Friday's US employment data.
Separately, on Thursday, the Bank of England is expected to cut interest rates
.

In the market, the Shanghai period copper consolidated at a high level, and the quotation of copper premium rose again
.
The opening copper reported a premium of 110 yuan / ton, and the flat water copper reported a premium of 50 yuan / ton
.
The market is a tight supply of good copper, the holders are reluctant to sell, the quotation has been rising, and at the same time, traders favor good copper, the inquiry atmosphere is strong, and they take the initiative to buy
.
Downstream buying is light, and fear of heights is still the main reason
.
The proportion of good copper in the recent imported copper is still small, and it is expected that the good copper premium in the market will remain strong
in the future.
In the afternoon, the market fell, the willingness of the holders to hold the price was strong, the market was short of good copper supplies, few people quoted, flat water copper rose with the trend, reported a premium of 50-140 yuan / ton, the transaction price was 37700-37880 yuan / ton, the transaction was mainly concentrated among
traders.

Shanghai copper was blocked from falling back during the day, long and short are still short-term operations, bears dare not suppress too much, bulls are only besieged, overall, copper prices are still in range shock, pay attention to the effectiveness of support, it is expected to remain in the range in
the short term.