Shanghai copper pressure pullback shows that the upper pressure is heavier

In terms of external trading, Asian Lun copper fell under pressure, of which the 3-month London copper operating range was 5909-5877 US dollars / ton, down 0.
08% to 5882 US dollars / ton, and the technical support below focused on 5800 US dollars / ton
.
In terms of positions, on July 3, the position of London copper was 333,000 lots, a daily decrease of 1,594 lots, and the reduction of London copper positions rose in the past two weeks, indicating that the bears who entered the previous week continued to actively reduce their positions and leave the market
.

On the macro front, the Asian dollar index fluctuated in a narrow range around 96, basically maintained its nearly three-day rally, and is now trading around
96.
1.
In addition, China's Caixin services PMI in June was 51.
6, the second lowest in more than a year and lower than 52.
8 in May, with the new business index hitting a 13-month low, indicating a significant slowdown
in the expansion of China's service sector 。 In the copper industry, Chilean miner Antofagasta, one of the world's largest copper producers, has faced the threat of a strike by its Zaldivar and Centinela copper miners, whose workers will vote before the weekend on whether to strike, while Centinela's supervisors have already voted to strike, but government mediation is expected to last another five days
.

In terms of the market, on July 5, Shanghai electrolytic copper spot contracts reported a premium of 30 yuan / ton - 80 yuan / ton of premium, the trading price of flat water copper was 46990-47130 yuan / ton, and the trading price of premium copper was 47010-47160 yuan / ton
。 Shanghai copper every other month basis within 100 yuan, and the far month price difference has exceeded 200 yuan / ton, the Shanghai-London ratio is difficult to have a recovery performance, imported copper circulation sources are reduced, domestic copper smelters take the lead in rising water, large traders continue to receive goods for long orders, the market opening quotation is a full premium, the morning market cost-effective flat water copper premium is about 30 yuan / ton, good copper premium 50-60 yuan / ton was robbed, the second trading session is pulled up, the rush heat has calmed down, but the quotation still insists on flat water copper premium 50 yuan / ton, good copper premium 70 yuan / ton / In the first line, the outflow of goods increased, and the transaction was obviously suppressed
by the high premium.

The Shanghai copper 1708 contract fell back to 47,040 yuan / ton under pressure during the day, continuing to be weighed
down by the demand for technical pullbacks after the recent sustained rise.
However, given the rebound pattern of copper in the future, it is necessary to be cautious
about its pullback space in the short term.
In operation, it is recommended that the Shanghai copper 1708 contract can be backed above 46,500 yuan to bargain long, enter the market around 46,800 yuan, and target 47,500 yuan
.