Shanghai copper shock slightly up wary of the technical correction after the continued rally

In the external market, Asia Lun copper fell under pressure, trading range of 6270-6210 US dollars / ton, of which as of 15:35 Beijing time, 3-month Lun copper reported 6220 US dollars / ton, down 0.
38%
on a daily basis.
In terms of positions, as of July 31, the position of London copper was 308,000, a daily decrease of 855 lots, and the recent rise in London copper positions showed that bears actively took profits on
dips.

In terms of the market, on July 31, Shanghai electrolytic copper spot traded at a discount of 20-20 yuan / ton for the month's contract, and the transaction price of flat water copper was 49630-49700 yuan / ton
.
The depreciation of the renminbi has been suspended, the import of copper into the market is limited, and domestic inventories continue to decline, which has further strengthened the willingness of cargo holders to control prices and raise prices, and there is a premium quotation status
at the end of the month.
The morning market quotation is good copper premium 10 yuan / ton, flat water copper discount 30-20 yuan / ton, discount 30 yuan / ton of flat water copper and 10 yuan / ton of the source of goods is quickly traded, the morning market receipt is enthusiastic, buying is improved, downstream month-end buying is blocked, traders lead the market again, if the subsequent supply is not significantly amplified, the holder will push up the water
again.

On the macro front, the Asian dollar index fluctuated in a narrow range around 94.
3 and is now trading around 94.
34, and the market is now waiting for this week's Fed interest rate meeting for more rate hike signals
.
In addition, the central exchange rate of the renminbi against the dollar was 6.
8165, and the depreciation rate slowed significantly, approaching a new high
since June 27 last year.

In terms of industry, it is reported that workers at the Chilean Chuquicamata copper mine project under the national copper company of Chile (Codelco) went on strike on Monday morning to protest the company's dismissal of two workers "without justification", and the current duration of the strike depends on negotiations with management, the second largest copper mine of Chile's national copper company, Chile's Chuquicamata project copper production of 330,900 tons in 2017
.

During the day, after the Shanghai copper 1809 contract gaped high, the oscillation closed up to 49830 yuan / ton
.
At the same time, the US dollar index maintained a high level, and it is necessary to be wary of technical corrections after a sustained rebound in the short term, suggesting that the Shanghai copper 1809 contract can sell high and low between 50400-49600 yuan / ton, and the stop loss is 450 yuan / ton
each.