Shanghai copper trend remains stable Short-term operations still need to be cautious

Macro: The Asian dollar index oscillated slightly, trading around 95.
7, but basically maintained its overnight decline, as the US dollar index has fallen 0.
57%
this week as many central banks around the world cut interest rates one after another, the pressure of the Federal Reserve's interest rate hike declined.
At present, the market is focused on a series of China's economic indicators for July, including industrial added value and investment growth, which will be released on Friday, and a series of Chinese economic data released in the first half of the week are bearish, increasing domestic economic downside concerns
.

In terms of market: Shanghai electrolytic copper spot reported a premium of 10-130 yuan / ton, the transaction price of flat water copper was 37340 yuan / ton - 37410 yuan / ton, and the basis of Shanghai copper every other month expanded to 110 ~ 130 yuan / ton, and the copper premium rose again
.
When the plate remained stable around 37330 yuan / ton, some downstream continued to return, although wet copper still reported the discount level, but the discount still narrowed, and the transaction was significantly better than before
.
Before closing, spot premiums follow the basis of the
next month.

Intraday Shanghai copper overall higher, standing on the 40-day moving average, recovered some of the overnight low gains, the current Fed interest rate hike expectations slowed down, the dollar upward momentum weakened, LME inventories fell sharply, and the discount narrowing also provided support for London copper, but the upper 20-day moving average suppressed, the upside is limited, and the long-short trading is more repeated, short-term operations still need to be cautious
.