Shanghai copper under pressure decline, the upper rebound resistance is greater

In terms of external trading, Asian London copper fluctuated in a narrow range around 5998 US dollars / ton, trading lightly, of which the 3-month London copper operating range was 6017-5985 US dollars / ton, now slightly down 0.
31% to around 5986 US dollars / ton, the technical support below is concerned about 5900 US dollars / ton
.
In terms of positions, on July 20, the position of London copper was 330,000 lots, a daily decrease of 1,142 lots, and last week, Lun copper reduced its position and rose, indicating that bears are more motivated to reduce their positions
.

On the macro front, the Asian dollar index rebounded, but its gains were very limited, and it is now trading around 94, a new low
since June 23 last year.
In addition, the People's Bank of China will conduct a net release of 220 billion yuan in the open market, a five-week high, including 200 billion yuan of 7-day reverse repurchase operation and 150 billion yuan of 14-day reverse repurchase operation
.

In the copper industry, Freeport's McMullen Copper and Gold Indonesia branch said on Friday that about 5,000 miners at the Grasberg copper mine, which is the world's second-largest copper mine, will extend the strike until a fourth month to protest layoffs and employee controls at the company's second-largest copper mine, which began
in May.
At the same time, the Peruvian strike, which began just last Wednesday, has been announced to be canceled, thanks to an agreement with the government that the Ministry of Labor will discuss
the law on mining workers within a month starting in August.

In terms of the market, on July 24, Shanghai electrolytic copper spot reported a discount of 50 yuan / ton - flat water for the contract of the month, and the trading price of flat water copper was 47660-47720 yuan / ton
.
Morning market holders tried to raise the water to report the price of copper, but the market did not recognize the direct reduction to flat water, flat water copper supply is slightly loose, the initiative to reduce to 40 discount - discount 30 yuan / ton
.
Some large traders discounted 80-90 yuan / ton to sell wet copper, the transaction was positive, and the sale
was completed quickly.
Morning trading showed a stalemate, and on Monday, cargo holders were reluctant to over-expand discount shipments, and downstream traders were more cautious
in entering the market.
At the end of noon, the far month price difference slightly widened to around 120 yuan / ton, and those who were eager to exchange cash expanded the discount range, and good copper has now discounted 20 yuan / ton quotation
.
Flat water copper discount 50-40 yuan / ton, the transaction has not yet improved
.
The intraday note factor still led to a price difference
of 10 yuan/ton to 20 yuan/ton in the market.

The Shanghai copper 1709 contract fell under pressure to 47,760 yuan / ton, weaker than other base metals, indicating that the upper rebound resistance is greater, and the short-term decline is regarded as the release of technical pullback demand
.
In operation, it is recommended that the Shanghai copper 1709 contract can be backed above 47,300 yuan to bargain long, enter the market around 47,700 yuan, and target 48,500 yuan
.