Copper is still affected by macro factors in the short term

In the external market, London copper opened at 6114.
5 US dollars / ton, rising slightly to the intraday high of 6133 US dollars / ton at the beginning of the session, and then the center of gravity fell back to 6115 US dollars / ton oscillating operation, with an amplitude of about
20 US dollars / ton.
In the afternoon, the dollar accelerated higher, London copper fell under pressure, fell to 6074 US dollars / ton after the low recovered, as of 18:00, London copper reported 6114 US dollars / ton
.

In terms of the market, Shanghai copper maintained a narrow range above 49,000 yuan / ton, morning market holders continued to hold up the price, quotation premium 60 ~ 90 yuan / ton, the market is afraid of high premium, transaction is suppressed, stop and see
.
The basis narrowed to about 90 yuan / ton in the next month, and the holders took the initiative to reduce shipments, the transaction was acceptable, and the downstream procurement
was on-demand.
The external environment is empty, copper prices are under pressure, the offshore yuan has fallen above 6.
89, the willingness to lift the water is still strong, but the narrowing of the price spread has hindered the space for the premium to a certain extent, the overall transaction of the intraday market has slowed down, and the supply and demand tug-of-war situation has become apparent
again.
In the afternoon, the market fell, the premium quotation did not change much compared with the morning, the space for lifting the premium was limited, the downstream just needed to replenish, and the overall transaction was suppressed
due to the increase in the premium.

In terms of news, workers at Escondida, Chile's largest copper mine, demanded that management provide updated salary contracts by August 6, otherwise preparations for a strike
will begin.
Pay attention to the final PMI value of July in European countries, the US unemployment rate and non-farm payrolls in
July.

Intraday market sentiment has stabilized, Shanghai copper entangled near the daily moving average oscillating operation, continue to pay attention to the development of Sino-US trade disputes, short-term copper prices are still affected by macro factors still repeated
.