Shanghai copper rose strongly, and the increase was significantly wider than in recent times

In the external market, Asian Lun copper continued to rebound, of which the 3-month London copper operating range of 5992-5910 US dollars / ton, now up 0.
8% to around 5974 US dollars / ton, volatility is much smaller than Shanghai copper, the technical support below focus on 5800 US dollars / ton
.

On the macro front, the Asian dollar index rebounded, partially paring Friday's losses and now trading around 95 as U.
S.
retail sales and inflation indicators for June showed a decline
in expectations of the Federal Reserve's September rate hike.
In addition, the latest release of China's GDP in the second quarter increased by 6.
9% year-on-year, higher than the expected 6.
8%, while the added value of industries above designated size from January to June was 6.
9% year-on-year, and the monthly increase in June was 7.
6% year-on-year, indicating that the growth rate of domestic industry has expanded significantly, which is good for base metals
.

In the copper industry, Chilean mining company Antofagasta said it had reached a new salary agreement with the director of its Centinela copper mine, lifting the mine's strike risk, and the new contract officially took effect
on July 14.
The neighbouring Zaldivar copper mine is currently in government-mediated negotiations with workers
.

In terms of the market, on July 17, Shanghai electrolytic copper spot contracts reported a premium of 30 yuan / ton - 110 yuan / ton of premium, and the trading price of flat water copper was 47040-47360 yuan / ton
.
On the last trading day of the July contract, most of the holders quoted the 1708 contract, and the 1708 contract was discounted 70-50 yuan / ton, and the flat water copper was discounted 100-80 yuan / ton
.
Intraday quotations are disordered, so some holders are cautious about shipping, and most receivers choose to enter the market when the
basis is stable.
Copper prices once again stood at 47,000 yuan / ton, downstream temporarily wait-and-see, intraday performance subject to the characteristics of final delivery, market parties wait for the change of months before entering the market
.

The Shanghai copper 1709 contract rose strongly to 47810 yuan / ton, slightly weaker than Shanghai nickel, but stronger than Shanghai aluminum, its rebound pattern maintained well, short-term attention to China's strong second-quarter economic indicators and softer dollar index guidance
for copper prices.