Shanghai copper rushed higher and then the shock fell back The Fed's movements are still the focus of attention

Externally: Asian market London copper continued to fall under pressure, of which 3-month London copper slightly fell 0.
35% to 4900 US dollars / ton, the current London copper still continues the high oscillation trend of nearly two weeks, the lower support focuses on 4800 US dollars / ton
.

Macro: U.
S.
June new home sales data performance much stronger than expected, overnight dollar index oscillation strengthened, Asian market dollar index continued high oscillation sorting, now trading around 97.
2, the market is currently focused on the Fed interest rate decision to be announced in the early hours of Thursday morning, expected to keep interest rates unchanged, before the base metals market long and short trading cautious
.

In terms of market: Shanghai electrolytic copper spot reported a discount of 30-liter water 30 yuan / ton, flat water copper transaction price of 37860-37980 yuan / ton
.
Due to the rebound of the plate, the downstream continues to be afraid of heights, and it is difficult to buy on demand, so copper transactions are still concentrated among
traders.
And because traders buy goods, they prefer good copper and better quality flat water copper
.
Intraday holders are more resolute than yesterday in the spirit of selling good copper, and under the stalemate between supply and demand, it is expected that the transaction will resume to be active or wait for August
.

Intraday Shanghai copper 1609 contract fell under pressure to 37740 yuan / ton, as the dollar index remained high and China's stimulus policy expectations have not been fulfilled, but in view of the copper futures still maintain the upward pattern that began last week, the rebound or not over, it is recommended to follow the trend to go long, 1609 contract can be backed by 37400 yuan above the pullback to buy, enter the reference around 37650 yuan, the target is 38500 yuan / ton
.