Copper prices rushed back down and the increase was limited

In terms of external trading, Asian Lun copper fell under pressure, the decline further expanded, the trading range was 6214-6016 US dollars / ton, of which as of 15:27 Beijing time, 3-month Lun copper reported 6019 US dollars / ton, down 2.
61% per day, especially after the Shanghai market closed, the decline accelerated, and the daily closing price was still close to the low level
set on July 21, 2017.
In terms of positions, as of July 17, the position of London copper was 315,000, a daily decrease of 7,041 lots, indicating that copper prices have no intention of rebounding, and bulls have little confidence in bargaining and
longing.

In terms of the market, on July 19, Shanghai electrolytic copper spot traded at 40 yuan / ton for the month's contract, and the trading price of flat water copper was 48740-48840 yuan / ton
.
Holders' willingness to raise prices continues to increase, early holders quote good copper, flat water copper has been fully elevated to 10-50 yuan / ton, the market is afraid of high premium, shipments are blocked, but the holders are unwilling to adjust significantly, only make a slight adjustment to good copper premium 30-40 yuan / ton, flat water copper quotation flat water - premium 10 yuan / ton, wet copper source maintenance stability discount around 50 yuan / ton
.
Good copper is difficult to have the willingness to buy, flat water copper low-price supply is acceptable, downstream to maintain rigid demand, compared with the previous day's hot trading atmosphere, intraday showed a stalemate pattern, many
watchers.
For many days of narrowing the discount until the premium state, the market has shown caution, and the transaction has shown a difficult and hindered situation, but the willingness of holders to hold up prices has not changed for the time being, paying attention to the new arrival of imported copper over the weekend
.

On the macro front, the Asian dollar index oscillated stronger, now trading at 95.
3, a three-day winning streak, and the yuan depreciated further in the afternoon, focusing on the number of
jobless claims in the United States for the week 。 In terms of industry, data from the National Bureau of Statistics showed that China's refined copper production in June was 776,000 tons, an increase of 11.
7% year-on-year, an increase of 09,000 tons or 1.
17% month-on-month, and the monthly average copper production in the first half of the year was 734,300 tons; the cumulative output from January to June was 4.
406 million tons, an increase of 11.
5% year-on-year, and hit the highest level in the same period of the previous year.

During the day, the Shanghai copper 1809 contract fell back to 48670 yuan / ton, which was much weaker than the futures zinc, mainly suppressed by the strong rebound of the US dollar index
.
However, after copper prices continue to fall, it is still facing the demand for technical rebound, and it is recommended that the Shanghai copper 1809 contract can sell high and low between 48200-49000 yuan / ton, and the stop loss is 450 yuan / ton
each.