Most non-ferrous metals fell, and Shanghai copper futures were thriving

Last week, the main 1908 contract of Shanghai copper futures fluctuated higher, with an operating range of 45990-47170 yuan / ton, closing at 46850 yuan / ton, up 510 yuan or 1.
1%.

The price of Shanghai copper futures was strong last week, mainly due to three factors: First, the dollar turned sharply down
.
The US Philadelphia Fed manufacturing index fell to a three-month low of 0.
3% in June (prior: 16.
6), and the May meeting board leading indicator fell to 0% (prior: 0.
2%), data indicating a continuous slowdown in US manufacturing activity and a decline
in business investment confidence.
In addition, the market expects the probability of the Fed to cut interest rates sharply, which makes the dollar, which was already slowing down, even worse
.

Second, macro benefits provide support
for colored bottoms.
The expectation of an upturn in the international trade situation has sharply increased risk appetite in commodity markets
.

Third, copper mine strikes have boosted copper prices
.
About 3,200 union workers at the Chuquicamata copper mine, owned by Chile's National Copper Company (Codelco), the world's largest copper producer, began a strike at 5 a.
m.
on June 14, blocking all roads leading to the mine
.
It is reported that the direct impact of the workers' strike may not be large, but the resulting butterfly effect may lead to a tight
global copper mine supply and demand pattern.

The data shows that the recent commodity copper-related A shares also have a good performance, last Friday's close for example, Zijin Mining, Western Resources, Mengzhou shares, electrical alloys, Boway alloys, silver nonferrous metals, Luoyang molybdenum industry, Tongling nonferrous metals, etc
.
have all risen well.

From a fundamental point of view, the current copper price trend is mainly controlled by macro sentiment, the international trade situation is expected to be good, and it is expected that the market may continue to be cautiously optimistic before the end of
June.
Coupled with the release of "dovish" signals by the Fed's interest rate meeting, the macro level is positive for copper prices
.
Fundamentally, although the copper mine strike has triggered market concerns about supply shortages, due to the current flat macro data performance and declining market demand, the recent supply and demand side is still loose, and copper price fundamentals are intertwined
.

After the failure of labor negotiations between Codelco and its Chuquicamata copper mine, the strike continued, the supply-side disturbance temporarily covered up the fact that final consumption declined, and the narrowing of the refined copper price spread caused scrap consumption to shift to refined copper
.
Short-term copper prices are affected by the expectation of good international trade, copper mine strikes and Fed interest rate cut expectations, and the upward momentum is strong, but the decline in terminal demand and the uncertainty of the situation in the United States and Iran have further suppressed
copper prices.

On the whole, the recent macro and industrial profits have been highlighted, and the market sentiment has picked up
to a certain extent.
Technically, the domestic copper price is under pressure around 47,000 yuan / ton, and the short-term test of the 20-day line support
.