Shanghai copper's main force is expected to open high and oscillation, and short-term volatility is expected to be weak

Market focus: At 20:30 Beijing time on Tuesday, the United States will release personal income and expenditure and the PCE index for June, as the Fed's preferred inflation indicator, the performance of the PCE price index has attracted much attention
.
Ivanhoe Mines Canada's Kamoa-Kakula copper project is gradually expanding
.
The fourth largest in the world, the mine has been mined for 10 years, with annual copper production climbing from 382,000 to 700,000 tonnes
over the next two years.
Japanese customs clearance data showed that refined copper exports in June fell 3.
8% year-on-year to 5,546.
88 tons; the total export volume from January to June was 27,514.
97 tons, down 12.
3%
year-on-year.

Spot analysis, on July 30, spot 1# electrolytic copper quotation 47260-47350 yuan / ton, the average price of 47305 yuan / ton, up 385 yuan / ton
from the previous trading day.
In the morning, the willingness of holders to raise prices remains unchanged, but the transaction is limited, but it is difficult to have room
for price reduction.
The end of the month is coming, copper is rising, but the spot market has not seen the holders dump the goods for cash, the quotation is still firm, the main reason is still the recent arrival of imported copper is limited, most traders do not have financial pressure, so there is no dumping of the discount source, at the same time the end of the month to raise the water is also more difficult, the market transaction performance is low, continue to stalemate and tug of war characteristics
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,970 tons on Tuesday, a daily decrease of 25 tons; On July 29, LME copper stocks stood at 292,950 tonnes, down 1,175 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 70079 lots, minus 3022 lots per day, short positions are 83762 lots, daily minus 2941 lots, net short positions are 13683 lots, daily increase of 81 lots, long and short are reduced, net short slightly increased
.

Intraday Shanghai copper main force 1909 high open oscillation
.
Sino-US economic and trade consultations, market optimism has warmed up, boosting copper prices, but still need to pay attention, fundamentally, the scale of the Kamoa-Kakula copper mine project is gradually expanding, copper mine production is expected to increase, coupled with weak downstream demand, putting pressure
on copper prices.
In terms of spot, the willingness of morning holders to raise prices remains unchanged, but the transaction is limited, but it is difficult to have room for price reduction
.
The end of the month is approaching, quotations are still firm, mainly because the recent arrival of imported copper is limited, most traders have no financial pressure, market transaction activity is low, continue to stalemate and tug of war
.
Technically, the Shanghai copper main 1909 contract focuses on the pressure above the 47800 position, and the short-term shock is expected to be weak
.