Shanghai copper high and wide volatility, the willingness to pull back appeared

In the external market, Asian London copper oscillated slightly, performing against the decline of other base metals, of which the 3-month London copper traded at 6914-6864 US dollars / ton, up slightly 0.
55% to 6899 US dollars / ton, the daily closing price is still close to the high of nearly three years
.
In terms of positions, on September 4, the position of London copper was 345,000 lots, a daily decrease of 421 lots, but the recent rise rate of London copper at a high level has slowed down, and the position increases and decreases, indicating that long and short operations are cautious, and it is still necessary to be vigilant against the risk of
high pullback.

On the macro front, the Asian dollar index continued to fall under pressure and is now trading around 92.
3, as U.
S.
factory orders fell 3.
3% month-on-month in July, the biggest
decline in nearly three years.
In addition, the People's Bank of China has a net withdrawal of 120 billion yuan in the open market, and the first 28-day reverse repurchase operation since June 19, aiming to stabilize the market capital level
.
In terms of industries, Chile's national copper company said copper production from January to June was 798,000 tons, down from 843,000 tons a year earlier, but profits were handsome, as copper prices have risen sharply in recent months
.

In terms of the market, on September 6, Shanghai electrolytic copper spot contracts reported a premium of 20-60 yuan / ton, and the trading price of flat water copper was 52880 yuan / ton - 53000 yuan / ton
.
Shanghai copper market quotation is stable and firm, the morning market quotation premium of 10-50 yuan / ton, buying active, the quotation quickly rose to the premium 20-60 yuan / ton range, good copper buying transaction to maintain enthusiasm, Guixi copper high profile to 70 yuan / ton
.
There are not many varieties of flat water copper, especially the supply of imported copper is declining, and the price difference with good copper is only about 20 yuan / ton, wet copper trading is active, and the quotation narrows to a discount of 10 yuan / ton to near flat water
.
Copper prices coincided with a correction, and the downstream took the initiative to buy goods at the dip to replenish the inventory during the day, and finally presented a rare market situation dominated by the proportion of downstream transactions
.

During the day, the Shanghai copper 1711 contract oscillated to 53290 yuan / ton, accompanied by the operation of reducing positions and releasing volume, indicating that Shanghai copper trading was active during the day and the willingness to hold positions declined
.
In view of the recent continuous rise in copper prices, there has not been a decent correction, and after the Shanghai copper market closed, London copper fell under pressure, while black varieties fell from the high level during the day, or dragged down the long atmosphere
of the non-ferrous metal market.
In terms of operation, it is recommended that the Shanghai copper 1711 contract maintain the oscillation idea, which can be sold high and low in the range of 53500-52600 yuan, and the stop loss is 500 yuan / ton
each.