Shanghai copper shock rebound The technical support below is still valid

Externally: Asian Lun copper fluctuated in a narrow range around 5610 US dollars / ton, trading lightly, of which 3-month London copper rose slightly by 0.
29% to 5610 US dollars / ton, and has not yet fallen below the oscillation finishing platform
for more than a week.
In terms of positions, on January 5, the position of London copper was 355,000 lots, down 259 lots per day, and last week London copper increased its position, indicating that the decline in copper prices attracted funds to enter
.

Macro: The Asian dollar index oscillated and stabilized, now trading around
102.
3.
Data released on Friday showed that the US non-farm payrolls rose by 156,000 in December, lower than the expected 178,000, and the unemployment rate rose to 4.
7% as expected, but the fastest wage growth rate in seven years, indicating that the US labor market continues to strengthen, strengthening expectations of the Federal Reserve to raise interest rates
this year 。 In terms of industry, the United States imported about 65,549.
5 tons of copper cathode in November, a slight decrease of 0.
72% month-on-month, a sharp increase of 52.
56% year-on-year, and a cumulative import of 634704 tons from January to November, an increase of 22,622 tons or 3.
7% year-on-year; During the same period, the United States exported 6,760 tons of copper cathode, a sharp increase of 47.
14% month-on-month, and the cumulative export of copper cathode from January to November was 113052 tons, a sharp increase of 67,433 tons or 147%
year-on-year.

In terms of the market: on January 9, Shanghai electrolytic copper spot to the current month contract reported a discount of 20-50 yuan / ton, flat water copper trading price of 45330-45450 yuan / ton, speculators continue to bargain suck, the current copper quotation was pushed to the premium state at the opening, but the mainstream transaction of good copper remained around 30 yuan / ton, the quotation to the premium of 50 yuan / ton transaction was suppressed, the price difference between brands was large, the downstream demand was mainly, and there were still no signs of a large number of pre-holiday stocks, the transaction was dominated by middlemen, first up and
。 This week enters the delivery cycle, the price difference is about 100 yuan / ton every other month, and the spot premium will change
according to the price fluctuation during the week.

The Shanghai copper 1703 contract oscillation rose slightly to 45730 yuan / ton during the day, in order to maintain the oscillation for more than a week, showing that the technical support below it is still effective, because the London copper inventory continues to decrease, but the US dollar index remains strong, so that the copper price failed to effectively break through, and the operation needs to be cautious
.
It is recommended that the Shanghai copper 1703 contract can be sold high and low between 45000-46500 yuan, and the stop loss is 500 yuan / ton
each.