Shanghai copper is still in an upward channel, and after a short-term adjustment, it may rise again

In terms of the external market, London copper opened at 6586.
5 US dollars / ton, Lun copper fell slightly at the beginning of the session, the low touched 6576 US dollars / ton after the low level of London copper rebounded, the shock rose to 6617.
5 US dollars / ton after the rise was suspended, the afternoon bulls actively increased their positions to enter, London copper accelerated upward, the high to 6640 US dollars / ton, and then fell back under pressure to the daily average of 6609 US dollars / ton around the shock operation, as of 17:15, London copper reported 6616 US dollars / ton
.
During the day, the center of gravity of London copper moved slightly upward, maintaining a bullish thinking
in the short term.

In terms of the market, Shanghai copper fluctuated
at a high level.
The market did not see large traders dumping goods during the day, the market circulation source decreased, the quotation of the holder was firm, the middleman good copper discount 100 yuan / ton, flat water copper discount 130 yuan / ton, the market receipt was active, resulting in the quotation quickly pulled up to about 80 yuan / ton of good copper discount, flat water copper discount of about
110 yuan / ton.
Good copper transactions within the day obviously have an advantage, the consignees are mostly the last to complete the delivery of long orders, the downstream is still just need to purchase, the transaction first rises and then suppresses
.
In the afternoon session, the quotation remained stable, although the transaction was few, but the holder's quotation refused to loosen, flat water copper newspaper discount 120 yuan / ton - discount 100 yuan / ton, good copper newspaper discount 90 yuan / ton - discount 70 yuan / ton, the transaction price is 51560 yuan / ton - 51880 yuan / ton
.

In terms of news, data released by the General Administration of Customs showed that China's imports of copper ore and concentrate in July increased by 2.
78% year-on-year to 1,396,466, but fell slightly from the previous month
.
Imports from Peru and Chile both fell year-on-year, and this month Chile became once again the largest source of copper imports from China
.
The pattern of supply and demand for copper has not changed
much.
The support factor for the long-term strength of copper prices is the future supply gap, and the short-term rally is more driven by sentiment and funds
.

Overnight, Shanghai copper broke through the previous high strongly, once rushing to the highest point
since 2014.
This is mainly due to the continuous sharp decline in the inventory of Shanghai copper, and domestic and foreign funds have jointly done more metals
.
At the same time, funds continue to shift from ferrous metals to non-ferrous metals, and from the weekly line of Shanghai copper, the room for Shanghai copper to rise has opened
.
Overall, Shanghai copper is still in an upward channel, and it is expected that after a slight short-term correction, it is expected to hit the high level again
.