There is little room for copper to rebound, and supply-side pressure hinders the rebound

In terms of the market, the price of domestic spot copper has risen, the premium has expanded, the willingness of holders to hold prices has continued to increase, and the downstream has just needed to purchase, and the overall transaction situation is general
.
The copper price of Yangtze River Nonferrous Network 1# was reported at 48820 yuan / ton, up 340 yuan, and the premium was 30-90; Guangdong spot 1# copper price was reported at 48960 yuan / ton, up 290 yuan; Yangtze River spot 1# copper price reported 48810 yuan / ton, up 310 yuan, premium 30-70; Shanghai spot 1# copper price was 48800 yuan / ton, up 330 yuan
.

In terms of industry, the World Bureau of Metal Statistics released a report on Wednesday showing that the global copper market was oversupplied by 176,200 tons from January to May 2018, bidding farewell to the previous five-month supply shortage; China's refined copper production in June was 776,000 tons, an increase of 11.
7%
year-on-year.
Supply-side pressure hinders the rebound of copper prices, and Shanghai copper is expected to fluctuate in
the short term.

Driven by a sharp rebound in zinc overnight, copper has also stabilized, but it does not have a sharp rise
in colored varieties at present.
Although the price has rebound demand on the technical side due to the recent relaxation and consecutive days of decline, as the volatility subsides, it is ultimately up to the downstream to
pay.

Intraday Shanghai copper 1809 contract maintained a volatile weakening market, the end of the market closed at 48670, the current London copper 6000 US dollars support, Shanghai copper rebound, although the rebound space is not large, but not short, waiting for the opportunity to go long, activists to 47500 as the stop loss to take long orders
.