Copper prices fluctuate at high levels and face the risk of technical pullback in the short term

In the external market, the Asian market London copper oscillation rose slightly, of which as of 16:00 Beijing time, the 3-month London copper was reported at 7248 US dollars / ton, up slightly by 0.
35% on a daily basis, and the short-term copper price rose to 7300 US dollars / ton fell into a high oscillation, showing that long and short trading is cautious
.
In terms of positions, as of June 8, the position of London copper was 340,000, a daily decrease of 2,070 lots, and last week London copper increased its position, indicating that funds actively pushed up copper prices
.

In terms of the market, on June 12, Shanghai electrolytic copper spot reported a discount of 60 yuan / ton - 10 yuan / ton discount for the current month's contract, and the transaction price of flat water copper was 53350-53430 yuan / ton
.
Shanghai copper under pressure fell back below 54,000 yuan / ton, the basis of the next month remained stable at 200 yuan / ton, the holder maintained the previous day's quotation at a discount of 60-10 yuan / ton, good copper can be pressed to a discount of about 20 yuan / ton to receive the goods, flat water copper did not see a significant expansion discount for transactions, the overall transaction in the morning did not improve
.
The theme of the strike has no energy to promote copper prices, the power of copper prices to rise further weakened, the downstream continues to stop and watch, wet copper discount 130-110 yuan / ton, the willingness to receive goods is seriously lacking, the transaction continues to be weak, the characteristics of oversupply are obvious, trade activity is correspondingly reduced, and the stalemate between supply and demand continues
.

On the macro front, the Asian dollar index retreated and is now trading around 93.
5, and the Interkins Council signed a "comprehensive letter" that is expected to further promote the denuclearization of
the Korean Peninsula.
Watch for the US CPI data for May, which will provide some guidance
for the Fed's June interest rate meeting.
In terms of industry, global miner BHP Billiton said on Monday that it had responded to a contract proposal from the Escondida copper miners' association, and the company hopes to reach a mutually beneficial agreement that will involve bonuses, salary increases and other issues
.
Initial negotiations between BHP and the union began in April, but no agreement was reached
.
The new round of labor-management negotiations, according to the schedule provided by BHP Billiton, is scheduled to last until July 24, but it may take longer
.

During the day, the Shanghai copper 1808 contract oscillated to 53970 yuan / ton, effectively running above the moving average group, mainly boosted by the weakening of the US dollar, but copper negotiations made slight progress, and copper prices continued to rise after facing the risk
of technical correction.
In operation, it is recommended that the Shanghai copper 1808 contract can be backed above 53,000 yuan to bargain long, enter the market around 53,500 yuan, and target around 54,500 yuan
.