Shanghai copper rushed back down and the decline accelerated significantly at the end of the day

In the external market, the Asian market London copper rushed back down, indicating that there is some selling pressure above, of which the 3-month London copper fell 0.
65% to 6313 US dollars / ton, but it is still close to the high set on May 11, 2015, and it is necessary to pay attention to the demand for technical pullback in the short term
.
In terms of positions, on August 1, the position of London copper was 322,000 lots, a sharp decrease of 25,175 lots in Japan, returning to the level of May 23 in the year, indicating that this round of funds entering the market with copper prices left the market profitably, and the popularity of the copper market declined
.

On the macro front, the Asian dollar index rebounded weakly and is now trading around 92.
9, still close to the low set on May 2 last year
.
Several Fed officials said that the current weakness in US inflation has weighed
on the dollar index.
In addition, the number of ADP payrolls in the United States increased by 178,000 in July, lower than the expected 190,000, which may mean that the US non-farm payrolls data released on Friday performed poorly
.
In the copper industry, the leader of the IndustriAll Global Union said Wednesday that the group would press the Indonesian government to restore the "legal status"
of thousands of striking workers at Freeport's McMillan-owned Grasberg copper mine.

In terms of the market, on August 3, Shanghai electrolytic copper spot traded at a discount of 20-20 yuan / ton for the monthly contract, and the trading price of flat water copper was 50150-50230 yuan / ton
.
Holders open the market good copper is reported flat water ~ liter water 10 - liter water 20 yuan / ton
.
The morning market in Pingshui-Premiums 10 yuan / ton transaction is still good, there are still some middlemen replenishing to find low-priced goods, Pingshui copper discount 20 yuan / ton is also actively inquired, but with the rise of the center of gravity of copper, market favor and purchase enthusiasm declined, but the holders' quotations remained firm, and the transaction returned to the deadlock pattern
.
The willingness of cargo holders to raise water again is obvious, but the market is difficult to accept for the time being, and it is feared that there will still be a tug-of-war
between the small water rise levels.
Today, under the premise of a sharp increase in market quotations, the market shipments have increased significantly, and the trading volume is obviously not as good as yesterday, and the transaction first rose and then declined
.

The Shanghai copper 1710 contract fell under pressure to 49,980 yuan / ton, and the 50,000 mark was lost, because the risk of a pullback at its high level increased
.
At the same time, the market is currently focused on the US non-farm payrolls data on Friday, which will affect the Fed's September interest rate hike expectations, and market caution climbs
before the market.
In operation, it is recommended that the Shanghai copper 1709 contract can sell high and low in the range of 49600-50500 yuan, and the stop loss is 500 yuan / ton
each.