Shanghai copper rose strongly and performed better than other base metals

In the external market, Asian market London copper soared strongly, once touched 6400 US dollars / ton, but near the Shanghai market close, 3 months London copper fell from the high, entered the European market, the decline further expanded, now only up 0.
28% to 6278 US dollars / ton, down 1.
88% from the intraday high, the current London copper hit a high since May 18
, 2015.
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 94.
1, close to the low set on June 23 last year
.
In addition, the US Richmond Fed Manufacturing Index rose to 14 in July, higher than the expected 7 and the previous reading of 7
.
Meanwhile, the US Conference Board's consumer confidence index rose to 121.
1 in July versus 116.
5 expected, and consumer confidence improved
.

In the copper industry, it is reported that the China Nonferrous Metals Industry Association Recycling Branch said that it has received a notice: at the end of next year, waste hardware including waste wires, waste motor motors, bulk scrap hardware will be prohibited from import, and six types of scrap copper and aluminum scrap are not prohibited
.
It has been confirmed with the Recycling Branch that the import
of "waste 7 categories" will be banned by the end of 2018.

In terms of the market, on July 26, Shanghai electrolytic copper spot reported a discount of 90 yuan / ton - 20 yuan / ton for the contract of the month, and the trading price of flat water copper was 49370-50130 yuan / ton
.
Copper in the morning market is still at a high level below 49,500 yuan, and the market quotation is stable in the range of 50 yuan / ton - 20 yuan / ton, although there is an inquiry but the price pressure space is limited, and the supply and demand stalemate is obvious
.
In the second trading session, the copper plate stood at 50,000 yuan on the whole line, but the spot market was cautious and stopped in an atmosphere, speculative winners expanded the discount for cash, flat water copper quotation discount of about 80 yuan / ton, good copper discount 50 yuan / ton, wet copper has expanded to more than 100 yuan / ton, but the quotation is reduced, the inquiry is reduced, and the transaction is less
.
Although the bullish trend of the market has been, spot buying, whether traders or downstream, still cannot enter the market
above 50,000 yuan.
With the increase of speculative profit orders and the gradual widening of the basis of the next month, the spot discount may be able to further expand
.

During the day, the Shanghai copper 1709 contract soared strongly to 50,050 yuan / ton, although it fell from the high level during the session, but the increase was still objective, completely opening the 50,000 era of copper, and the performance was stronger than other base metals
.
However, in the short-term copper market, due to factors such as the ban on imports of 7 types of scrap copper, there are obvious signs of capital speculation, and long and short operations need to be cautious
.
In operation, it is recommended that the Shanghai copper 1709 contract can sell high and low in the range of 49600-50800 yuan, and the stop loss is 500 yuan / ton
each.