The long-short tug-of-war highlights that the performance of Shanghai copper is volatile and stable

In terms of external trading, London copper opened at 5846.
5 US dollars / ton, after the opening of London copper extended the daily average downward, with the high of the US dollar, London copper low to 5832.
5 US dollars / ton, the European session LME announced that copper stocks decreased by 1150 tons, copper prices were shocked straight up, touched to 5872 US dollars / ton, subject to the 10-day moving average can not return, as of 17:26, London copper reported 5861.
5 US dollars / ton
.
The positive news of reduced copper inventories stimulated copper prices to rise, but the upper moving average was suppressed significantly, and it is expected to fluctuate between
the 10-day and 20-day moving averages.

In terms of the market, the price difference of Shanghai copper every other month narrowed to about 70 yuan / ton and there are signs of continued contraction, traders who received goods at the beginning of the week took advantage of high premium water shipment willingness to be strong, the morning market showed a swarm of goods, the willingness to receive goods was significantly reduced, traders undercut prices, quotations gradually declined, quotations, weak receipts, although the premium fell significantly but still did not reach the psychological price of traders receiving goods, downstream buying although there was a small increase, but also expected copper prices to make further adjustments
。 The market has re-emerged in the state of oversupply for a week, and the spot premium has risen too quickly and ferociously, straight to the delivery level, but the basis is still changing in the next month, and the spot premium may still have room
to give back.

In terms of news, in terms of foreign countries, the latest data released showed that the number of ADP employment in the United States increased by 158,000 in June, an expected increase of 183,000, and the previous value was revised to an increase of 230,000, the data fell significantly from the previous month, and was less than the market's expectations
.
Domestically, the previously released Caixin June services PMI fell to 51.
6, slowing the growth rate of service sector activity to the second lowest in 13 months, but China's Caixin manufacturing PMI in June came in at 50.
4, better than expected and the previous reading, and the official manufacturing PMI was 51.
7%, which was also better
.

From the current situation, copper prices gradually return to the fundamental factors dominated, macro expectations are positive and gradually released, the recent Peru, Chile and other copper mine strikes continue to be hotly speculated, the tight supply side still provides support for copper prices, Shanghai copper morning performance temporarily fluctuated steady, long and short tug-of-war prominent, once tried to rise to encounter the upper average resistance suppression, because the market expects the second half of the macro expectation to turn good, demand remains moderate, some funds re-enter the market to do long, but most remain on the sidelines, Shanghai copper is expected to fluctuate
in a narrow range of 46500-46800 yuan.