Shanghai copper volatility rose slightly as the dollar index rallied to the rebound

Externally: Asian market London copper oscillation rebound, but the rise is still relatively limited, of which 3-month London copper rose 0.
55% to 4803 US dollars / ton, close to the low set on July 11 this year, Lun copper is currently running at the intersection of moving averages, the technical support below focus on M60, that is, 4750 US dollars / ton
.
For more than a week, Lun Copper's position increased and decreased, indicating that long and short trading was repeated
.

Macro: The U.
S.
dollar index fell under pressure on Wednesday, falling to around 95.
8, while U.
S.
crude oil futures fell slightly, but basically maintained the week's gains (nearly 0.
9% for the week).

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: on August 10, Shanghai electrolytic copper spot reported a discount of 20-liter water of 110 yuan / ton, and the transaction price of flat water copper was 37210-37300 yuan / ton
.
The basis of copper in Shanghai narrowed every other month, and the current copper premium could not maintain the previous high level
.
Near delivery, the quotations of Guixi copper and Jinchuan High Purity in the current copper market are quite at the delivery level, and the holders rarely quote
imported good copper.
However, the willingness of holders to exchange cash at high prices is still strong, which accelerates the downward trend of flat water copper premium, and some holders expect to have downstream market replenishment
.

The Shanghai copper 1610 contract oscillated to 37470 yuan / ton during the day, as the rebound of the US dollar index was blocked and fell
under pressure.
In addition, the surrounding ferrous metal and Shanghai zinc, the strong rise of Shanghai tin also improved the popularity
of the copper market.
At the same time, in view of the fact that copper has not effectively fallen below the technical support, it is recommended that short-term operations still need to be cautious, and the Shanghai copper 1610 contract can be 37,000 yuan as the dividing line, and it is prudent to hold
it before it falls below.