June 26 Copper Market Brief Review

On Wednesday, the main contract of Shanghai copper 1908 opened at 47360 yuan / ton in the morning, the market trend was stable, basically maintained a high level of slight volatility, the center of gravity remained around 47270 yuan / ton, the afternoon plate overall maintained the morning high volatility pattern, although there was a slight decline, but the center of gravity is still around 47230 yuan / ton, the end of the session closed at 47210 yuan / ton
.
Up 300 yuan / ton, up 0.
64%.

Fed officials spoke, hinting at uncertainty about interest rate cuts, the dollar was able to give a slight boost, and copper prices were slightly under pressure; However, with the G20 summit approaching, the market still has optimistic expectations for the negotiations between the leaders of the two sides of the summit, and the overall sentiment still supports copper prices, which show a high level of volatility and stability maintenance, and the market is waiting for the G20 summit to be held to further guide the trend
of copper prices.
Shanghai copper closed slightly positive during the day, the upper lead was close to the upper Bollinger rail, the MACD red column continued to grow, and the technical situation was still slightly positive
for copper prices.

Industry News:

First Quantum Minerals Ltd.
The company shipped copper concentrate for the first time from its Cobre Panama copper concentrate, the new world's largest copper mine
, June 24.
The first ship transported 31,000 wet tons of copper concentrate (8,000 metal tons of copper).

Industry consultants estimate that several days of strike action at the Chuquicamata mine have led to a reduction of about 10,000 tonnes of copper at the mine, which produced 321,000
tonnes of copper a year last year.
The strike also cost Codelco more than $50 million
.
Today's strike is in its 12th day after three Chuquicamata copper mine unions voted on Codelco's latest contract plan, with 55% of miners voting against it, rejecting the latest contract plan, and there is still no sign of
an agreement.
Codelco has made it clear that they offer the best contract solution
for miners.
But miners say Codelco has failed to meet workers' expectations for medical costs and pensions, and that striking miners value equality with new miners
.

The strength of the Shanghai copper rebound is insufficient during the day, and the price has retraced during the day, and under the stimulation of no more positive news, the copper price volatility is strong and the probability of continuing the rebound is large
.
On the news, the recent G20 summit will kick off in Osaka, Japan on the 27th, paying attention to further news
in Sino-US trade negotiations.
It is expected that the short-term copper price will be mainly adjusted by shock, with a range of 4.
7-47,500, and it is recommended to be cautious and wait and see in operation, and the downstream can be stocked at the low
.