Shanghai copper main force low opening oscillation is expected to be weak short-term oscillation

Market Focus: US President Donald Trump said on Friday that he did not rule out measures to curb the
dollar's strength.
China's imports of refined copper cathodes fell 30.
8% in June from a year earlier to 212328 tonnes, down 12.
6%
from the previous month, according to data from the General Administration of Customs.
Lingbao Jinyuan Chenguang Nonferrous Mining and Metallurgy Co.
, Ltd.
will resume production of electrolytic copper in early August, the company will undergo annual overhaul at the end of June, the company produced 8,500 tons of electrolytic copper in 2018, and is expected to reduce it to about
5,000 tons in 2019.

Spot analysis: On July 29, spot 1# electrolytic copper was quoted at 46870-46970 yuan / ton, with an average price of 46920 yuan / ton, down 50 yuan / ton
from the previous trading day.
In the morning, the quotation was premium, the market stopped and watched, and the willingness to cash out was low
.
In the second trading session, holders took the initiative to reduce prices, some enterprises concentrated on the flat water line under the pressure of funds at the end of the month, the downstream maintained rigid demand, the market was still cautious on Monday, trade activity was insufficient, the downstream continued to just need procurement, and the market continued to show the characteristics
of supply and demand tug-of-war.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 62,995 tons, an increase of 554 tons per day; On July 26, LME copper stocks were 294125 tonnes, down 1,350 tonnes
per day.
As of the week ended July 26, the stock of copper cathode on the Shanghai Futures Exchange was 149189 tons, down 5,331 tons
per week.

Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 73101 lots, minus 267 lots per day, short positions are 86703 lots, daily minus 1676 lots, net short positions are 13602 lots, daily minus 1409 lots, long and short are reduced, and net space is reduced
.

Intraday Shanghai copper main force 1909 low open oscillation
.
The weak operation of the US dollar, coupled with the weakening of copper processing fees TC, and rising copper mine supply concerns, supported copper prices, but the poor performance of global economic data, rising market pessimism, and weaker downstream demand put greater pressure on copper prices
.
In terms of spot, the morning quotation is premium, the market stops and watches, and the willingness to exchange cash is low
.
In the second trading session, holders took the initiative to reduce prices, and some enterprises concentrated on the first line of Pingshui under the pressure of funds at the end of the month, and the downstream maintained rigid demand, and the market continued to show the characteristics of
supply and demand.
Technically, the main 1909 contract daily MA5 of Shanghai copper crossed MA10 downward, the MACD red column shortened, and the short-term shock is expected to be weak
.