【Review】 Shanghai copper futures prices fell. Shanghai copper main 1409 contract, today opened at 50,510 yuan / ton, closing at 50020 yuan / ton, down 530 yuan / ton, hand positions to reduce the 420 hands to 290558 hand, volume 307698 hand. [Fundamentals] Spot, the Yangtze River in the morning spot average price of 50410 yuan / ton, premium 60 yuan - premium 120 yuan / ton. Inventory, July 16, London copper stocks to reduce 200 tons to 159,175 tons, 39050 tons cancellation of warehouse receipts, write-off accounted for 24.53%. LME spot copper premium 7.75 US dollars / ton, LME copper premium to the shore 110 US dollars / ton. Shanghai copper warehouse receipts increased by 20,219 tons to 38022 tons. Last week, the Shanghai Stock Exchange copper stocks increased by 3102 tons to 84,453 tons, inventory increased by three weeks. [Technical] pre-superposition by the consumer season, copper and major smelters to cut copper production, copper spot tight supply, premium also will soar. At the same time, the Chinese economy showed signs of bottoming out, while the Fed's strong economic recovery in the background, but said there is no clear interval between the rate hike and the end of QE, many positive copper as the representative of the non-ferrous metals sharply higher. But the macro good, bad fundamentals will lead to copper price shocks, individuals tend to short-term attention rallies short-term opportunities. From the days of view, the Shanghai copper 1409 contract concussion down, days to suppress 50150, the bottom support 49900, the main short rallies days, strict stop 200 yuan / ton, focus on 5 million line support