The Shanghai copper rebound pattern remained good, outperforming other base metals

In the external market, the Asian market London copper oscillation higher, of which the 3-month London copper operating range of 6018-5972 US dollars / ton, now up 0.
53% to around 6006 US dollars / ton, the lower technical support focus on 5900 US dollars / ton, the upper rebound resistance focus on 6200 US dollars / ton
.
In terms of positions, on July 19, the position of London copper was 331,000 lots, a daily decrease of 3,036 lots, which was the fourth consecutive trading day of reduction, and this week Lun copper reduced its position and sorted out, showing that long and short trading is cautious and has no intention of chasing up
.

On the macro front, the Asian dollar index extended its overnight decline, falling further to around 94.
1, the lowest since
June 23 last year.
In addition, the number of initial jobless claims in the United States for the week of July 15 was 233,000, the 124th consecutive week below the threshold of 300,000, the longest cycle since the 70s of the 20th century, and better than expected 245,000, indicating a significant improvement
in the US job market.
In terms of copper resources, the latest monthly report of the International Copper Research Group (ICSG) shows that the global refined copper market is short of 53,000 tons in April, 18,000 tons in March, and 80,000 tons of surplus in the global refined copper market from January to April, compared with a shortage of 185,000 tons
in the same period last year.

In terms of the market, on July 21, Shanghai electrolytic copper spot traded at a discount of 50 yuan / ton - 10 yuan / ton for the current month's contract, and the transaction price of flat water copper was 47640 yuan / ton - 47710 yuan / ton
.
Today's Shanghai-London ratio is still below 8, imported copper shipments have decreased significantly, holders have no financial pressure, and continue to be optimistic about the copper market, the morning market quotation has risen significantly, and the price difference between flat water copper and good copper is only 10-20 yuan / ton
.
And just entered the end of July, there has been a problem of bill demand, the market supply is tight, the quotation of the holder is strong, the receiver is still mostly the long-order delivery demander, the downstream remains just need to buy, the market transaction is tepid
.
If the ratio remains low, imported copper shipments continue to be blocked, and the discount is still expected to shrink
next week.

Shanghai copper 1709 contract oscillation rebounded to 48,000 yuan / ton, performance is stronger than other base metals, the current Shanghai copper rebound pattern maintained a good pattern, it is recommended to maintain more ideas, continue to pay attention to the progress of
Peruvian strikes.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 47,500 yuan to bargain long, the entry reference is around 47800 yuan, and the target is 48500 yuan
.