Shanghai copper stabilized at a high level, and the support below is still strong

In terms of external trading, London copper opened at 5838 US dollars / ton, copper prices at the beginning of the Asian market short-term low, then as China announced that CPI and PPI in June were flat in the previous value, the overall controllable, bulls have increased their positions into the market, London copper fluctuated upward, high to 5853.
5 US dollars / ton, under pressure on the 5-day moving average, European session due to the LME exchange gold futures contract officially launched, gold, silver led the decline, commodities were dragged down collectively, long positions reduced positions and left the market, London copper fell sharply, The LME announced that copper inventories rose by 4,900 tons, and the cancellation of warehouse receipts fell to 31.
74%, and London copper continued to fall, recording a low of $5802.
5 / ton, and the 20-day moving average supported a slight recovery, as of 18:38, London copper reported 5815 US dollars / ton
.

In terms of the market, Shanghai copper opened low and went high, the morning market holders still have the intention of raising prices, maintaining stability and last Friday's level, helpless market lack of response, sparse transactions, the overall supply is significantly looser than last week, some traders lower prices to close low-priced sources to smooth their own inventory
with high premium costs last week 。 Entering the second trading session, the holders have no longer insisted, good copper took the lead in lowering the premium, in order to exchange cash, low-end imported copper increased compared with last week, at the end of the afternoon some imported copper has quietly appeared flat water around the quotation, good copper has dropped to a premium of 20 yuan / ton, the transaction still highlights the pattern of oversupply, weak buying transaction difficulties make the premium have the expectation
of rediscount.
In the afternoon session, the plate leaked rapidly, the holders had no intention of continuing to enlarge the discount, the quotation maintained stability, the willingness to ship was slightly entangled, the market dumpers decreased, it was difficult to find the flat water copper supply of discounts, and the bargain transaction improved
.

On the news front, most U.
S.
Treasury yields rose on Friday, with long-term yields briefly hitting multi-week highs as strong U.
S
.
employment data supported expectations that global central bank monetary policy would tighten.
The dollar rose on Friday after a report showing that the U.
S.
economy created more jobs in June than expected and the month before, keeping the Federal Reserve on track to raise interest rates at least once more this year
.
The dollar rose to a two-month high against the yen after the report, posting its biggest weekly percentage gain this week since late April
.
The dollar also rose to its highest
level against the pound in more than a week.
Three-month LME copper fell 0.
4 percent to $
5,828 a tonne.

The main 1709 contract of Shanghai copper adjusted slightly during the day, closing at 46770 at the end of the day, and the short-term high was around
48500.
Therefore, those who do not have positions continue to go long, and the price can continue to add long orders
at night.