Shanghai copper narrow fluctuation short-term operation still needs to be cautious

Negative external trading, Asian market London copper oscillation slightly down, cut some of the overnight gains, of which 3 months London copper slightly fell 0.
23% to 4837 US dollars / ton, currently London copper running in the moving average intertwined, the following technical support focus on M60, that is, 4750 US dollars / ton
.

Macro: The Asian dollar index fell slightly today, trading around 95.
8, but basically maintained its overnight gains
.
China's industrial value-added above designated size rose 6% year-on-year in July, lower than the expected increase of 6.
1%.

At the same time, the growth rate of fixed asset investment from January to July rose by 8.
1%, lower than the expected growth of 8.
8%, the data showed that the downward pressure on the domestic economy was greater, and the market rekindled the central bank's expectation of cutting interest rates and RRR cuts
.

In terms of market: Shanghai electrolytic copper spot reported a premium of 20-130 yuan / ton, and the transaction price of flat water copper was 37370 yuan / ton - 37420 yuan / ton
.
Near-delivery holders accelerated the reduction of copper premiums due to the narrowing of the basis to less than 100 yuan / ton in the next month
.
Within the day, the copper liter discount is high and low, but the wet copper liter discount is relatively firm, and the discount does not expand but receives
.
The relatively low level of the market and the volatile bullish aftermarket caused the downstream to buy wet copper
again.
Next Monday is the last trading day before delivery, and the premium is expected to remain closely following the change in the basis of the following month
.

The Shanghai copper 1610 contract oscillated 37560 yuan / ton during the day, and with the further reduction of Shanghai copper, it showed that the confidence of funds to go long is still insufficient
.
However, in view of the fact that copper has not effectively fallen below the technical support below, it is recommended that short-term operations still need to be cautious, and the Shanghai copper 1610 contract can be 37,000 yuan as the dividing line, and it is prudent to hold
it before it falls below.