June 3 Copper Market Brief Review

Today's Shanghai copper main contract opened at 46160 yuan / ton in the morning, the trend of long position reduction is obvious, the opening quickly fell to the lowest level of the day of 46070 yuan / ton, and then the bottom rebounded to 46190 yuan / ton and then quickly fell back to around
46100 yuan / ton.
Then the center of gravity gradually moved up, the afternoon plate continued to rise slightly, the end of the day pulled up to the highest level of the day 46240 yuan / ton, but due to the strong risk aversion in the market, lack of confidence, the high point is difficult to support, after a slight upward test and then quickly fall, and closed at 46130 yuan / ton, down 230 yuan / ton, down 0.
5%.

On the news, the Sino-US trade dispute continued at the end of last week, China imposed tariffs as scheduled and introduced the "unreliable entity list system", the United States extended tariffs, and the market risk aversion once increased
.
Fundamentally, domestic automobile consumption has once again introduced stimulus policies, but the effect is expected to be limited, and there is still no large growth point in refined copper consumption in the later period, while the tight expectation of copper concentrate will support
long-term copper prices.

At present, copper prices are still subject to macro influence at the annual low, market pessimism is strong, the dollar is lower copper prices rebound weak, but with the gradual release of bearish news
, the price may recover slightly.
Pay attention to the support level of 46,000, and it is expected that copper prices will maintain a narrow range tomorrow, or have a slight rebound
.
It is recommended that the downstream just need to stock the goods
.