Shanghai copper rebounded strongly to extend the recent rally

Externally, Asian copper continued to rebound, further rising, of which 3-month London copper rose 1% to 6408 US dollars / ton, the eighth consecutive day of gains, hitting a high since May 11, 2015, the rally is strong, but short-term need to pay attention to technical pullback demand
.
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 rebounded weakly, still trading near relative lows, close to the low set on June 23 last year
.
In addition, China's official manufacturing PMI in July was 51.
4, down 0.
3% month-on-month, and it was above the 50-boom line for 12 consecutive months, indicating that China's manufacturing industry continues to expand
.
In the copper industry, Chile's copper production in June was 453161 tons, down 5.
7% year-on-year and 3.
45% month-on-month, while cumulative production from January to June was 2.
56 million tons, down 212,000 tons or 7.
65% year-on-year, due to weather-related shutdowns, factory maintenance and declining ore taste
.

In terms of the market, Shanghai copper maintained an upward trend, but in the first trading session, the disk amplitude was large, the fluctuation range of up and down exceeded 200, at that time the spot quotation was not yet stable, the holders' quotations were divergent, some good copper prices stalemated at a discount of 60 yuan / ton is difficult to trade, good copper reported at a discount of more than 80 yuan / ton, the willingness to receive the transaction is strong, large traders actively concentrated on selling wet copper discount 180-170 yuan / ton, the transaction is acceptable, so that the rest of the market holders wet copper quotation discount 150 yuan / t / It is difficult to move
an inch by ton.
Flat water copper, especially the cost-effective flat water copper, is stable around
100 yuan.
Intraday market transactions obviously show the characteristics of the end of the month, unless the discount level much greater than the market quotation can attract enterprises with certain financial strength to receive goods, and most of the supply and demand sides are still in a tug-of-war
.

During the day, the Shanghai copper 1709 contract rose strongly to 50,710 yuan / ton, and the 50,000 mark continued to stabilize, partly driven by the rise in the black series, but after a short-term sustained rise, it is necessary to pay attention to the demand for technical pullbacks, and China's manufacturing PMI fell slightly in July, and the upward momentum of copper prices declined
.
In addition, in the short-term copper market, because of factors such as the ban on imports of 7 types of scrap copper, the signs of capital speculation are obvious, long and short operations need to be cautious, and high chasing long needs to be cautious
.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can sell high and low in the range of 50000-51500 yuan, and the stop loss is 500 yuan / ton
each.