Shanghai copper opens low and goes high, and the market atmosphere has improved

As of 16:04 Beijing time, the 3-month London copper was reported at 6135 US dollars / ton, up 0.
48% per day, still close to the low point set on July 19 this year, the current copper price is still effectively running below the moving average group, the long and short divergence has increased, and the short-term vigilance technical selling has increased
.

In terms of the market, on August 7, Shanghai electrolytic copper spot contracts reported a premium of 50 yuan / ton - 100 yuan / ton of water premium, and the transaction price of flat water copper was 49240-49330 yuan / ton
.
Morning market holders are still in high price sentiment, the market is afraid of high premiums, and transactions are rare
.
Then the price difference narrowed to about 70 yuan / ton in the next month, and the import ratio window opened, the holder in order to open the transaction channel, lowered the premium quotation, flat water copper quotation premium 60-70 yuan / ton, good copper downward adjustment is the largest, the transaction concentration is about 80 yuan / ton, but the transaction is still not as good as the previous day
.

On the macro front, the Asian dollar index fell under pressure as the Aussie rose on the euro rebound against the dollar and signs of stabilisation in the yuan, while the RBA left interest rates unchanged today as low interest rates supported the Australian economy and the unemployment rate is expected to fall to 5%
in the coming years.
In addition, the domestic Shanghai Composite Index rebounded strongly by 2.
74%, easing the market's concerns about the decline in Chinese stocks
.
In the short term, there is a lack of key news guidance, and the market may tend to be cautious
.

In the industry, BHP Billiton said on Monday that it had formally applied for government intervention to mediate a dispute with the Escondida copper miners' union, hoping that unions would delay the strike, and strike fears continued to haunt the copper market, which gave a little boost
to copper prices.

During the day, the Shanghai copper 1809 contract rebounded to 49480 yuan / ton
.
Copper prices have fallen repeatedly in the past week, showing that the market investment atmosphere has improved, driven by the strong rebound of domestic chemicals and ferrous metals, while the fear of a copper strike in Chile has also given copper prices a rebound momentum
.
It is recommended that the Shanghai copper 1809 contract can be backed above 49,000 yuan, and it is mainly cautious
to bargain hunt.