Shanghai copper rushed back down in the short term or there is still room for rebound

Externally: Asian market London copper fell under pressure, of which 3-month London copper fell 0.
75% to 4942 US dollars / ton, this week London copper is mainly running at a high oscillation, but at present London copper is still effectively running above the moving average group, the lower support is concerned about 4900 US dollars / ton
.
This week, Lun Copper's position increased and decreased, indicating that the long and short operation was more repeated
.

Macro: Overnight, the ECB kept interest rates unchanged as scheduled, the market reaction was relatively flat, and the US dollar index continued to fluctuate in a narrow range, now trading around
96.
9.
Markets are now focused on Friday's G20 summit, where world leaders will discuss
the economy and the impact of Brexit.

Market: On July 22, Shanghai electrolytic copper spot reported a discount of 50-liter water 10 yuan / ton, and the transaction price of flat water copper was 38180-38420 yuan / ton
.
The opening is good copper to flat water, flat water copper newspaper discount 30 yuan / ton, but the transaction is flat
.
Speculative buying increased slightly as traders favored copper
.
Intraday transactions are dominated by traders, supply and demand are more tug-of-war, and the downstream has been slightly replenished yesterday, so there are few inquiries during the day
.
The overall market performance is wait-and-see, and all parties are expecting a breakthrough
in the market.

News: China's refined copper imports in June were 305304 tons, an increase of 19.
7% year-on-year, and the cumulative imports of refined copper from January to June were 2076770 tons, an increase of 23.
74%
year-on-year.

Intraday Shanghai copper 1609 contract fell under pressure to 38180 yuan / ton, as the US dollar index remained high and China's stimulus policy expectations were not fulfilled, but in view of the copper futures still maintain the rising pattern since last week, the rebound or not yet over, it is recommended to follow the trend to do long, 1609 contract can be backed by 37800 yuan above the pullback to buy, the entry reference around 38100 yuan, the target focus on 39500 yuan / ton
.