Shanghai copper rose weakly, fell into a high level of shock sorting

In terms of external trading, Asian London copper began to oscillate at a high level for the third consecutive day, of which 3-month London copper fell slightly by 0.
34% to 4834 US dollars / ton, but at present, London copper effectively stabilized above the moving average group, technically still indicates that there is still room
for growth.
This week, London copper increased its positions mainly higher, indicating that bulls actively entered
the dip.

Macro: The U.
S.
dollar index oscillated slightly overnight and is now trading around 95.
9, and its rebound pattern remains good
.
In addition, China's Caixin manufacturing PMI fell to 48.
6 in June, a four-month low, and was lower than expectations of 49.
2 and the previous value of 49.
2, the 16th consecutive month below the 50-boom-dry dividing line, indicating that the domestic manufacturing industry continues to shrink.

In terms of market: today's Shanghai electrolytic copper spot report discount 20-liter water 40 yuan / ton, flat water copper transaction price 37350-37460 yuan / ton
.
After the spot entered July, trade flows returned and the market's willingness to cash out on the high continued
.
Spot flat water copper discount 20-10 yuan / ton in the morning market, holders try to raise and then raise the water, the source of horizontal water copper is temporarily difficult to find
.
The shipper raised to flat water - liter water 10 yuan / ton
.
However, as the center of gravity of copper was raised again, shipments were difficult, and holders had no choice but to lower their quotations and return to a slight discount
.
Next week, the current copper premium may still be difficult to maintain, and the expansion of the discount is inevitable
.

News: Mexico's copper production rose more than 5% year-on-year to 41,447 tonnes
in April, according to the National Institute of Statistics.
In addition, Chile's copper production fell 6.
8% year-on-year in May due to lower ore
grades.

Today's Shanghai copper 1609 contract oscillation fell to 37300 yuan / ton, as copper prices continued to rise after facing technical pullback pressure and China's June manufacturing PMI performance was poor, it is necessary to watch the external reaction
to the data in the evening.
It is recommended that the Shanghai copper 1608 contract can reduce its holdings on the high, and pay attention to the opportunity of Jianlong to pull back to around 36800 yuan
.