Shanghai copper rises strongly, and the short-term upward trend continues

In the external market, Asian Lun copper rose strongly, of which the 3-month London copper operating range was 6025-6130 US dollars / ton, now up 1.
54% to around 6125 US dollars / ton, hitting a high since February 13 this year, the high of the year is 6204 US dollars / ton, and the upper rebound resistance focuses on 6200 US dollars / ton
.
In terms of positions, on July 21, the position of London copper was 330,000 lots, a slight increase of 33 lots per day, and the copper price reduced its position last week and strengthened, showing that bears are actively covering
back.

On the macro front, the Asian dollar index extended its low and narrow range and is now trading around 93.
95, close to the low set on June 23 last year
.
In addition, the preliminary Markit manufacturing in the United States came in at 53.
2 in July, higher than the expected 52.
2 and 52 in the previous month, but the preliminary Eurozone manufacturing PMI came in at 56.
8 in July, worse than the expected 57.
2 and the previous reading of 57.
4
.

In terms of copper industry, customs data show that China's refined copper imports in June 271444 tons, down 11.
07% year-on-year, but increased by 2.
41% month-on-month, and the cumulative import from January to June was 1.
543 million tons, a year-on-year decrease of 25.
67%, a six-month consecutive decline, but a year-on-year decline slightly lower than the 28.
18% of the previous month, and the data shows that China's refined copper import demand rose slightly in June
.

In terms of the market, on July 25, Shanghai electrolytic copper spot reported a discount of 50 yuan / ton - flat water for the current month's contract, and the trading price of flat water copper was 47800-48320 yuan / ton
。 The morning market quotation is stable at the discount of 50 yuan / ton ~ flat water, the plate opens a straight line around 10 o'clock to push up the state of rise, the rally does not stop, most of the previous value preservation disk is instantly deep trapped, supply and demand both sides are stopped and watch, downstream fear of heights, traders have no way to start waiting for the stability of the plate, the morning session of the quotation stalemate in the discount 50 ~ discount 10 yuan / ton range, a small number of morning market speculators easily profit, the discount slightly expanded, in order to close the position for cash, but the market is difficult to have a positive response
.
The market is high, the discount has not expanded, the market wait-and-see atmosphere is strong, and the existing price is basically
marketless.

During the day, the Shanghai copper 1709 contract rose strongly to 48560 yuan / ton, the performance was stronger than zinc aluminum and worse than Shanghai nickel, the current Shanghai copper rebound pattern maintained well, it is recommended to maintain more ideas
.
At the same time, the current copper opens the 48,000 era, or opens up
upside.
In operation, it is recommended that the Shanghai copper 1709 contract can be backed above 47,800 yuan to bargain price, enter the market around 48,300 yuan, and target attention to 49,000 yuan
.