The main force of Shanghai copper rushed back down and the space below was relatively limited

Market focus, US retail sales rose 0.
4% m/m in June, revised from 0.
5% to 0.
4% prior, 0.
1% expected; Core retail sales came in at 0.
4% m/m in June, better than market expectations
.
Peruvian president refused to cancel mining permits for the Tia Maria project, and opponents said protests would continue
.
According to data from the National Bureau of Statistics, copper production in June was 1.
751 million tons, a year-on-year increase of 13.
4%; The output from January to June was 9.
058 million tons, a year-on-year increase of 12.
7%.

June refined copper production was 804,000 tons, up 5.
7% year-on-year; Production from January to June was 4.
524 million tons, a year-on-year increase of 5.
8%.

Spot analysis, on July 17, spot 1# electrolytic copper quotation 46840-46940 yuan / ton, the average price of 46890 yuan / ton, unchanged from the previous trading day
.
The morning market flat water copper premium of 20 yuan / ton took the lead in ushering in a wave of positive trading, the transaction is acceptable; Most of the good copper is concentrated in the premium of 70-80 yuan / ton, and the downstream buying is weak
.
Following the previous day's traders under-priced receipt, although traders still have the willingness to receive goods but it is more difficult to have room for price reduction, most of the holders are unwilling to ship at a low price, although the market is actively inquiring, but the actual transaction is weaker than the previous day, the market activity is also lower than the previous day, and the market is obviously deadlocked again
.

Warehouse receipt inventory, Shanghai copper warehouse receipts totaled 65,371 tons on Wednesday, a daily increase of 1,154 tons; On July 16, LME copper stocks were 292925 tonnes, up 7,100 tonnes
per day.

The main 1909 contract of Shanghai copper rushed higher and fell
back during the day.
U.
S.
retail sales data was better than expected, and Powell's speech on Tuesday was generally positive about economic growth, expectations of a sharp interest rate cut by the Federal Reserve this month weakened, and the dollar rebounded, weighing on copper prices, although increased concerns about upstream copper supply, as well as increased downstream copper production and price recovery, copper prices are more
limited below.
In terms of spot, following the previous day's traders receiving goods at a low price, although intraday traders still have the willingness to receive goods but it is difficult to have room for price reduction, most of the holders are unwilling to ship at a low price, although the market is actively inquiring, but the actual transaction is weaker than the previous day, and the market activity is also reduced
.
Technically, the daily MACD red column of the main 1909 contract of Shanghai copper increased slightly, focusing on the support of the 10-day moving average, and it is expected that the short-term volatility will be more
.
Operationally, it is recommended that the Shanghai copper 1909 contract can be bullish near 46700 yuan / ton, and the stop loss is 46200 yuan / ton
.