Shanghai copper bottomed out and rebounded due to the weakening of the US dollar

Externally: Asian London copper oscillation strengthened, sharply cut the overnight recorded up to 1.
69% decline, of which 3-month London copper rose 1.
04% to 4884 US dollars / ton, the current London copper still continued the high oscillation trend of nearly two weeks, the lower support focus on 4800 US dollars / ton
.

Macro: The Fed kept interest rates unchanged as scheduled in the early hours of this morning, and the interest rate decision did not induce the market to strengthen expectations of the Fed's interest rate hike, the dollar index fell under pressure, and the dollar index extended its decline in early trading, now trading around
96.
3.
After market uncertainty was removed, the overhang selling pressure on base metals abated
.

In terms of market: Shanghai electrolytic copper spot reported a discount of 20-liter water 70 yuan / ton, flat water copper transaction price of 37650-37730 yuan / ton
.
Open good copper report premium 60-70 yuan / ton, flat water copper report discount 20-liter 10 yuan / ton, downstream to keep wait-and-see, traders continue to maintain favor of good copper and cost-effective flat water copper, which makes good copper and cost-effective flat water copper premium remain firm
.
Near the end of the month, the holders are not in a hurry to exchange cash, so the supply and demand are deadlocked, and the activity of copper trading is further reduced
.

The Shanghai copper 1609 contract bottomed out and rebounded to 37820 yuan / ton during the day, as the US dollar index fell under pressure
.
At the same time, given that copper futures still maintain the upward pattern that began last week, which means that the rebound may not be over, it is recommended to follow the trend to go long, and the 1609 contract can be cautiously held above 37300 yuan, and the target is 38500 yuan / ton
.