July 12 Shanghai copper morning review

In terms of market: on July 11, Shanghai electrolytic copper spot reported flat water - premium water 70 yuan / ton, flat water copper transaction price 36670-37020 yuan / ton
.
The opening of the copper report premium 70-liter 80 yuan / ton, lack of interest, large holders take the initiative to precipitate the premium to seek shipments, and thus lead the market premium to fall, but the downstream is waiting for the market to pull back
.
After that, the market continued to rise, and the market demand fell sharply
.
However, as the market rose again by nearly 37,000 yuan / ton before the close of the afternoon market, a few holders have quietly reduced the poor flat water copper to the discount
.
Monday's characteristics are prominent, and the premium before delivery is unsustainable
.

Stocks: As of July 8, the previous Shanghai copper stocks reported 162,130 tons, an increase of 236 tons from last week, the second consecutive week increase in 16 weeks, after the previous copper stocks fell for 14 consecutive weeks, a cumulative decrease of nearly 240,000 tons, close to the year's low of 155235 tons
.

Summary of views: overnight Shanghai copper main oscillation fell to 36920 yuan / ton, the support below M60 is temporarily effective, the performance is slightly resistant to the decline in London copper, last week London copper pullback demand was partially released, and the US June non-farm payrolls data was stronger than expected, improving its economic outlook
.
It is recommended that the Shanghai copper 1609 contract can be sold high and low between 36600-37500 yuan, and the stop loss is 350 yuan / ton
each.