The main force of Shanghai copper is low opening oscillation, and short-term oscillations are expected to be strong

In focus, U.
S.
existing home sales data for June was 5.
27 million units, lower than the previous reading of 5.
34 million units and expectations of 5.
33 million units
.
The results of the British Prime Minister's election were released, and Johnson was elected as scheduled; The probability of a rate cut by the ECB remains high, and the pound and the euro weaken.

The International Monetary Fund (IMF) lowered global growth to 3.
2% in 2019, 0.
1 percentage point
lower than in April.
Yamana Gold has released a feasibility study on the Agua Rica copper-gold project, which results indicate that the profile's proven and probable copper reserves have increased by 21% to 11.
8 billion pounds
from the end of last year.

Spot analysis, on July 24, spot 1# electrolytic copper quotation 46940-47070 yuan / ton, the average price of 47005 yuan / ton, down 305 yuan / ton
from the previous trading day.
Futures falling holders try to raise the premium quotation, traders still have the willingness to receive the goods, but the quotation is unattractive, after a stalemate for a while, good copper, flat water copper down, it is difficult to have room for price reduction for the time being; Downstream inquiries have increased, and there is a willingness to
enter the market on dips.
The market is under pressure, but has not yet reached the ideal price range downstream, although there are buying orders downstream but most of them are cautious, traders continue to be accompanied by the willingness to receive goods, but there is no discount quotation, so it has not reached its buyable price range, under the tug of supply and demand, it is difficult
for the premium to continue to rise.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 61,569 tons on Wednesday, a daily decrease of 1,727 tons; On July 23, LME copper stocks were 293375 tonnes, down 2,350 tonnes
per day.

Main positions: Shanghai copper main 1909 contract top 20 long positions 74959 lots, daily decrease of 1962 lots, short positions of 91994 lots, daily increase of 94 lots, net short positions of 17035 lots, daily increase of 2056 lots, more short increase, net space increase
.

Intraday Shanghai copper main force 1909 low open oscillation
.
Weaker pounds and euros supported the rise of the US dollar, and copper price pressures remained, although copper price support was strengthened by a sharp decline in scrap imports and a continued downward revision of copper processing fee TC.

In terms of spot, futures falling holders try to raise the premium quotation, traders still have the willingness to receive goods, but the quotation is not attractive, the market is under pressure, but has not yet reached the ideal price range downstream, although there are buying orders downstream but mostly cautious
.
Technically, the main 1909 contract of Shanghai copper has a long lower shadow, and it is expected that the short-term shock will be strong
.