The center of gravity of copper prices gradually moves upwards and runs around the daily moving average

Externally, London copper opened at 5926 US dollars / ton, after the opening copper price around the daily moving average narrow range, then announced that China's second quarter GDP increased by 6.
9% year-on-year, better than expected and the previous value, the total retail sales of consumer goods in June, the added value of industries above designated size were better than expected and the previous value, bulls' confidence was encouraged, they have increased positions into the market, the low level of the dollar is under pressure, London copper rose rapidly, at 5950 US dollars / ton line consolidation, the rally was suspended, in the afternoon, bulls once again exerted force, London copper continued to rise strongly, The high was 5992.
5 US dollars / ton, and the target was almost 6000 US dollars
.
During the day, benefiting from better than expected China's economic data, the center of gravity of London copper gradually moved upward, the trend was strong, and it may still run at a high level in the short term
.

In terms of the market, intraday market quotations are disordered, so some holders are cautious about shipping, and most receivers choose to enter the market
when the basis is stable.
The copper price stood at 47,000 yuan / ton again, and the downstream was temporarily wait-and-see
.
In the afternoon session, the holders fully quoted the 1708 contract, due to the rise in the plate, the rise and fall of the underwater expansion, flat water copper report discount 120 yuan / ton - discount 100 yuan / ton, good copper newspaper discount 80 yuan / ton - discount 60 yuan / ton, the transaction price rose to 47380 yuan / ton - 47620 yuan / ton
.
The performance of merchants during the day is subject to the characteristics of final delivery, copper prices maintain a strong upward trend, and all parties in the market wait for the change of months before entering the market, and the discount is expected to continue to expand
.

On the news front, U.
S.
Treasury yields fell to multi-week lows on Friday as moderate U.
S.
inflation in June and an unexpected decline in retail sales cooled expectations of another rate hike later this year
.
Eric Winograd, senior analyst at Alliance Bernstein, still believes that weak core inflation is not enough to change the Fed's rate hike path
.
The dollar fell against a basket of major currencies on Friday after weaker-than-expected data on U.
S.
consumer prices and retail sales for June, raising questions about the strength of U.
S.
economic growth and whether the Federal Reserve's interest rate
hike again this year.
LME three-month copper closed up 0.
9 percent at $
5,926.

The main 1709 contract of Shanghai copper closed higher in shock during the day, and the end of the market closed at 47810, successfully breaking through the high of 47500 during the day, and the long order around 48500 took profit, and the sharp fall within the day can continue to receive long orders
.