Shanghai copper volatility strengthened, the upward trend is obvious

In the external market, the Asian market London copper oscillation strengthened today, of which the 3-month London copper rose 0.
8% to 4997 US dollars / ton, close to the previous stage high of 5032 US dollars / ton, the current London copper effectively running above the moving average group, the lower support focus on 4900 US dollars / ton
.

On the macro front, the Asian dollar index oscillated and declined, now trading around
96.
9.
The market is currently focused on the ECB interest rate meeting to be announced today, and it is expected to remain on hold
.
In terms of information, data from the World Bureau of Metal Statistics showed that the global copper market had a supply shortage of 48,000 tons from January to May this year, and a surplus of 152,000 tons in the same period last year, indicating that the copper market supply gap has widened significantly, because the growth rate of global copper consumption exceeds the growth rate
of production.
From January to May, global copper consumption was 9.
706 million tons, an increase of 570,000 tons year-on-year, and refined copper production was 9.
66 million tons, an increase of 372,000 tons
year-on-year.

In terms of the market, today's Shanghai electrolytic copper spot reported a discount of 30-liter water 10 yuan / ton, flat water copper transaction price of 38120-38320 yuan / ton
.
In the morning, the copper premium narrowed, and the current copper trading at the opening was mainly speculative plates, with a good copper discount of 10 yuan / ton, and a flat water copper discount of 30 yuan / ton
.
After 9:30, the market opened two waves of decline, some traders who paid long orders entered the market to buy goods at the bottom, and preferred good copper, and it was still difficult to buy downstream for the plate above 38,000 yuan / ton
.
Today's deals are mainly concentrated among
speculative traders.
Considering that the delivery source will flow in, although the cargo holders have the willingness to raise the water, the space is limited
.

Today's Shanghai copper 1609 contract oscillation strengthened to 38650 yuan / ton, as the global copper market demand growth from January to May this year exceeded expectations, resulting in a significant widening of the supply gap
.
In view of the fact that the rising pattern of copper since last week has maintained well, this rebound may not be over, it is recommended to follow the trend to go long, 1609 contract can be backed above 38300 yuan cautiously long, the target is 39500 yuan / ton
.