Market concerns about China's economic slowdown climbed, and copper prices fell significantly

In the external market, Asia Lun copper fell endlessly, trading range of 6566-6453 US dollars / ton, of which as of 15:20 Beijing time, 3-month London copper reported 6443 US dollars / ton, down 1.
01% daily, in the past four weeks London copper has fallen 11.
8%.

In terms of holdings, as of July 2, the position of London copper was 319,000, a daily decrease of 63 lots, and the investment atmosphere in the copper market was still relatively sluggish
.

In terms of the market, entering only a few trading days in July, copper prices have fallen by nearly 1,000 yuan, following the previous day's market entry into the market to buy actively, holders of quotation confidence is greatly boosted, continue to narrow the discount sharply, morning market holders strong prices, good copper quotation flat water, flat water copper discount 40 yuan / ton, traders continue to reduce prices, intended to charge low prices of good copper and flat water copper
.
In the second trading session, flat water copper has been difficult to find a low-price source, the quotation is held at the discount of 40 yuan / ton, wet copper goods are small, the downstream maintains a stable receiving volume, the transaction also holds the discount of 80-70 yuan / ton, closely following the quotation of flat water copper, the discount narrowing is large
.
The market continues to decline, although the downstream inquiry is still more active, but the actual buying force is not as strong as the previous day, traders account for a relatively large proportion of transactions, the overall transaction of market bargaining can have a certain degree of sustainability, and there may be premium quotations
.

On the macro front, the Asian dollar index was weak to the downside, indicating that there was some selling pressure above, and it is now trading around
94.
5.
In addition, France's June services PMI final value was 55.
9, 56.
4 expected, and Italy's services PMI final value was 54.
3, lower than the expected 53.
3, indicating that the expansion of the service sector in both countries has slowed down
.
In terms of industry, it is reported that the Indonesian Freeport Grasberg Mine has extended its operating license from the original June 30 to July 31, 2018, as negotiations on the long-term interests of the mine are still ongoing
.

During the day, the Shanghai copper 1808 contract plummeted to 50,100 yuan / ton under pressure, effectively running below the moving average group, because the Sino-US trade dispute has not been resolved, and the market is worried about China's economic slowdown, the risk of short-term decline in copper prices remains
.
It is recommended that the Shanghai copper 1808 contract can be backed by 51,000 yuan below the sky, and the entry reference is around 50,500 yuan, and the target is 49,500 yuan
.