Market panic is thick and Shanghai copper extends its decline

In terms of spot, Shanghai electrolytic copper spot reported a discount of 30 yuan / ton - 20 yuan / ton for the current month's contract, the transaction price of flat water copper was 48470 yuan / ton - 49230 yuan / ton, and the transaction price of premium copper was 48500 yuan / ton - 49250 yuan / ton
.
The spot premium remained stable, the willingness of holders to ship was higher, the enthusiasm of traders to inquire was reduced, the actual transaction price followed the decline of the market, and the overall transaction situation was general
.

In terms of stocks, as of July 5, COMEX copper stocks 222801 short tons, down 551 tons from the previous day; LME copper stocks were 279,000 tonnes, down 3,225 tonnes from the previous day; As of July 6, SSE futures inventories were 139304 tons, down 7 tons
from the previous session.

Union officials said negotiations between BHP's Escondida copper miners and their management were still "far from an agreement" and less than three weeks before the deadline
.
After the company offered its final plan on July 24, the union is preparing $400,000 in emergency funds to support
workers if they choose to strike.
Copper prices have fallen for nine consecutive days as fears of a trade war between China and the United States weighed down
.
The fall in prices will not weaken the unions' demands that the decline be entirely temporary
.

At present, the United States has confirmed that it will start imposing tariffs on $34 billion of Chinese goods at 00:01 on Friday, and China's countermeasures of the same strength will also take effect on the same day, the Sino-US trade war has begun, the market panic is strong, bulls are unable to resist, and then continue to pay attention to changes in market sentiment, if pessimism worsens, copper prices will continue to fall
.
Watch for the US non-farm payrolls movement
for June.
FYI
.