The long and short sides continue to tug at war, and copper shows a shock pattern

In terms of external trading, Apanlun copper opened at 5779 US dollars / ton, the overall amplitude after the opening did not exceed 30 US dollars / ton, because the current market gradually digested the recent macro bearish events, the mood calmed, and the current macro is not conducive to promotion, so the overall performance is narrow range, entering the European market after the short-term test of 5755.
5 US dollars / ton, the high to 5783 US dollars / ton
.
As of 16:00, London copper was trading at $5776.
5 / ton, down 0.
12%.

In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 40 ~ 80 yuan / ton, a flat water copper transaction price of 46550 yuan / ton ~ 46650 yuan / ton, and a premium copper trading price of 46570 yuan / ton ~ 46670 yuan / ton
.
Copper continued to rise slightly to 46,500 yuan / ton
.
Morning market quotation premium 60 ~ 90 yuan / ton, inventory increase, market consumption is weak, trade market activity is also difficult to increase, spot market buying is weak, spot quotation stalemate for many days after the quotation finally loosened, good copper quotation reduced to premium 60 ~ 70 yuan / ton transaction to improve, flat water copper quotation as low as 40 ~ 50 yuan / ton, but buying is still very little, individual holders ship for cash eagerness, quotation can also be pressed; The supply of wet copper was not relaxed, and the quotation remained stable
.
Copper prices have rebounded from a low level, the future market trend is not clear, spot consumption is weak, trade profit margins are lacking, so that the willingness to receive goods is seriously lacking, the transaction is not strong, and the initial characteristics of oversupply are obvious
.
Next week will enter delivery, the premium may be suppressed, and the increase in inventory will increase the willingness to cash out
.
In the afternoon, the cargo holders exchanged their hearts and took the initiative to lower the quotation to 20-60 yuan / ton of premium, and there were a small number of transactions at low prices, but the market was full of worries
about the next week or will open the premium decline mode.
In the afternoon, flat water copper reported a premium of 20-30 yuan / ton, and a good copper report of 40-60 yuan / ton, and the transaction price was in the range of 46420 yuan / ton - 46560 yuan / ton
.

The overall performance of Shanghai copper in the daily market is a volatile pattern, the long and short sides continue to see-of-war, mainly because the current Sino-US trade tension is gradually digested by the market, coupled with the latest release of domestic July CPI data better than expected, the copper price high has been supported, but because the macroeconomic weakness situation has not changed, there are still risks
in rushing higher.
Shanghai copper closed small during the day, the upper pressure Bollinger mid-band and the 40-day moving average, the upward resistance is still large, and the technical face of copper prices continues to soar is difficult to say good
.