Shanghai copper bottomed out and rebounded, and the gains were much weaker than other base metals

In terms of external trading, the Asian market London copper oscillation stabilized, of which the 3-month London copper operating range was 5957-5927 US dollars / ton, slightly down 0.
2% to 5947 US dollars / ton, short-term attention to whether the integer mark of 6000 US dollars / ton can be broken
.
In terms of positions, on June 29, the position of London copper was 332,000 lots, a weekly decrease of about 6.
12 million lots, and last week's London copper reduction rose to show that the bears who entered the previous week continued to actively reduce their positions and leave the market
.

On the macro front, the Asian dollar index oscillated and rebounded, rising slightly to around 95.
8, and the daily closing price hit the level at the end of September last year, indicating that after 5 weeks of oscillation and consolidation, the dollar index chose to break down, and the downside risk increased
.
In addition, the US Chicago PMI in June was 65.
7, the highest since May 2014, and the expectation was 58, compared with 59.
4
previously.
In the copper industry, Chile's copper production in May was 469196 tons, an increase of 9.
3% year-on-year, and the cumulative copper production from January to May was 2106105 tons
.

In terms of the market, on July 3, Shanghai electrolytic copper spot traded at a discount of 120 yuan / ton - 60 yuan / ton for the monthly contract, a flat water copper trading price of 47080-47180 yuan / ton, and a premium copper trading price of 47100-47200 yuan / ton
.
Morning market copper quotation discount 120 yuan / ton - discount 80 yuan / ton
.
The price of wet copper is about 160 yuan / ton, the transaction is acceptable, the inquiry is more, and the transaction is mostly concentrated on traders and speculators
.
In the second trading session, the market rebounded from the low, and as the trade receipt atmosphere became stronger, the holders significantly narrowed the discount, and the market expected that the discount in the future market would further narrow, and downstream buying still maintained rigid demand
.

Intraday Shanghai copper 1708 contract oscillation stabilized to 47500 yuan / ton, last week Shanghai copper cumulative rise of 1.
65%, the increase slightly weaker than Shanghai zinc, the current copper running above the moving average group, the technical pattern is strong
.
In terms of operation, it is recommended that the Shanghai copper 1708 contract can be backed above 46,900 yuan to bargain long, enter the market reference around 47,300 yuan, and target 48,000 yuan
.