June 22 copper market noon review

On Friday night, Panlun copper closed at 5,810 US dollars / ton, up 0.
14%, with a volume of 16,000 lots, and long positions increased by 3,702 tons to 287,000 tons; the Shanghai copper main 2008 contract closed at 47,380 yuan / ton, up 0.
4%, with a volume of 42,000 lots, and long positions increased by 15,000 lots to 106,000 lots
.

Copper prices opened higher and lower on Friday night, and London copper touched $5,899 / ton earlier in the evening, but then the market became more worried about the second outbreak of the global epidemic, mainly due to the global single-day increase of 150,000 people on Thursday, California's new record high, and the prospect of US economic reopening was disrupted
.
Driven by risk aversion, the dow pointed downward, spot rose above 1740, copper prices also pulled downward, London copper broke through the 5800 position, Shanghai copper opened at 47900 yuan / ton in the evening after a downward pullback
.

However, from a fundamental point of view, the outbreak of the epidemic in South America is uncertain to continue, and the previous shipment problems began to be transmitted to China, and the supply of raw materials for refineries was impacted; In terms of consumption, although there is a weaker head, it is still better than expected, and there is no obvious decline to support the domestic destocking, so there is support
below copper prices.

In terms of spot, consumption has improved after copper prices stabilized, and it is expected to continue to maintain high premiums
this week.
It is expected that today's external market is 5800-5870 US dollars / ton, and the internal disk is 47200-47600 yuan / ton
.
It is expected that today's spot premium will be 170-200 yuan / ton
.