Copper fell sharply, and the decline widened further

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 20 yuan / ton - 30 yuan / ton for the month, the trading price of flat water copper was 49600 yuan / ton - 49680 yuan / ton, and the transaction price of premium copper was 49620 yuan / ton - 49700 yuan / ton
.
The spot premium expanded, the market inquiry enthusiasm was high, the holders lowered the quotation, and the overall transaction situation was acceptable
.
As July 6 approaches, market risk sentiment cools sharply, and investors are focusing on the upcoming minutes of the Fed's June meeting and the US non-farm payrolls data for June.

Stocks: As of July 4, COMEX copper stocks 223352 short tons, down 306 tons from the previous day; LME copper stocks were 282225 tonnes, down 4,300 tonnes from the previous day; As of July 5, SSE futures inventories were 139311 tons, down 1,386 tons
from the previous session.

Industry news: According to the latest data released by the International Copper Research Group (ICSG), global refined copper production is expected to increase by 3%
in the first quarter of 2018.
The company said copper production rose 6 percent in the second quarter, up from 2.
3 percent
a year earlier.
In the first quarter of this year, refined copper production averaged about 330,000 tonnes
per month.
This is mainly due to the fact that production in Chile, the world's largest copper producer, increased by nearly 20%, while copper production from the Indonesian copper mine increased by a significant 58%.

China's refined copper consumption rose by about 5%, the largest contributor to production growth, with consumption growth increasing net refined copper imports by 10%.

In the rest of the world, usage fell by about 1%.

The global refined copper balance sheet for the first quarter of 2018 showed a copper surplus of approximately 150,000 tonnes
.

Overall, the tariffs imposed by China and the United States are about to take effect, market panic is spreading, and signs of weakening China's PMI have also made them worried about Chinese consumption, and domestic and foreign base metals have been sold
off.
Chilean copper mines again spread the news of the strike, but it is difficult to resist the macro bearish impact, copper prices lack support, is expected to maintain weak operation
in the short term.
Pay attention to the changes in investor sentiment after the subsequent tariffs, short-term copper prices are prone to fall and rise
.
FYI
.