The upward force of Shanghai copper is limited, and the market trading is weak

In terms of external trading, London copper opened at 6224 US dollars / ton, briefly rose at the beginning of the session, touched 6267.
5 US dollars / ton after being pressured to give up some of the gains, and the center of gravity moved down to 6230 US dollars / ton first-line shock operation, the amplitude was about
20 US dollars / ton.
In the afternoon, copper prices once again fluctuated downward, to a low of 6188 US dollars / ton, into the European session, briefly rebounded, almost 6220 US dollars / ton again under pressure to fall rapidly, 6200 US dollars / ton integer mark lost, tested down 6150 US dollars / ton, as of 17:30, London copper reported 6170 US dollars / ton
.
Intran copper briefly rushed higher and then retreated, under pressure at the $6200 / ton integer mark, market tension is still pervasive, bulls enter the market cautiously, copper prices upward pressure
.

In terms of the market, on the last trading day of the 1807 contract, the market fully turned to the next month 1808 contract quotation, the next month price difference of 200 ~ 220 yuan / ton range, the holder's quotation discount 140 ~ 110 yuan / ton, the market willingness to receive goods is low, helpless to reduce the quotation, good copper generally discount 120 ~ 110 yuan / ton, flat water copper discount about 140 yuan / ton, good copper and flat water copper can be received at a low price, the quotation for the month is 50 ~ 110 yuan / ton, wet copper continues to stand at about 180 yuan / ton, For the flat water ~ liter of 30 yuan / ton in the month, there is almost no opportunity
to reduce the price.
After eleven o'clock, the market showed a slight decline, the price difference narrowed to less than 200 yuan / ton in the next month, and the market quotation discounted 130~100 yuan / ton
.
The delivery date has already fully increased the price of the current month
.
On the last trading day of the month, the spread performance was still volatile, and the market trading was light, highlighting Monday's stalemate
.
In the afternoon session, as the market continued to leak, the price difference narrowed to about 180 yuan / ton in the next month, and the quotation of the cargo holders remained stable, and did not follow the price difference of the next month, and the trading continued to be quiet
.

In terms of stocks, LME copper stocks were 258725 tonnes as of July 13, down 4,025 tonnes from the previous day; COMEX copper stocks were 219,800 tonnes, down 1,184 tonnes from the previous day; As of July 16, SSE futures inventories were 130625 tons, down 3,438 tons
from the previous session.

According to industry news, the Traffic Management Bureau of the Ministry of Public Security released data showing that as of the end of June, the number of new energy vehicles reached 1.
99 million, including 1.
62 million pure electric vehicles, accounting for 81.
4% of the total number of new energy vehicles, and 240,000 new energy trucks, accounting for 12.
1%
of the total number of new energy vehicles.
The number plates
for new energy vehicles are fully used nationwide.

In the short term, market pessimism has eased, but the trend of the trade war is still not clear enough, market confidence has not yet recovered, and there are greater risks
for both long and short.
In addition, it is worth noting that domestic and foreign inventories have continued to decline sharply recently, reflecting that downstream demand may improve, which supports prices
.
Copper prices entered the market after the recent deep decline, and there is a certain demand for repair, but the uncertainty of the trade war coupled with the strength of the US dollar, short-term copper prices may remain low shock adjustment
.
Operationally, it is recommended to stay on the sidelines
.
FYI
.