Shanghai copper maintains a volatile trend and volatility may increase

In terms of external trading, London copper opened at 6840.
5 US dollars / ton, traded in the range of 6840 ~ 6855 US dollars / ton at the beginning of the session, and moved the center of gravity to 6850 US dollars / ton to sort out, during which it touched 6858 US dollars / ton
.
At noon, London copper showed a volatile downward trend, testing a low of 6826 US dollars / ton and then closing the decline, and then a slight surge back down
.
After entering the European and American time, copper prices climbed up to a high of 6864.
5 US dollars / ton after the upward momentum was insufficient, the shock ran in the range of 6835 ~ 6865 US dollars / ton, during the period to test down 6832 US dollars / ton, the amplitude gradually narrowed
upward.
As of 17:30, it was quoted at $6858/ton
.

In terms of the market, on the first trading day of June, the sentiment of holding the price to raise the water was further fermented, and the morning market reported a copper premium of 20~30 yuan / ton, and the flat water copper discount was about 10 yuan / ton, and the morning market trading heat was acceptable
.
Some traders can receive flat water copper discount 20 yuan / ton at a low price, Bulgarian and Indian copper at a discount of 40 ~ 30 yuan / ton, favored by some downstream
.
In the second trading session, Pingshui Copper tried to report Pingshui, but the transaction has not improved much, the market has stopped and watched, the activity has decreased, and the supply and demand sides have diverged, showing a stalemate
.
Although the morning transaction first rose and then declined, it is difficult to change
the pattern of rising water and then rising.
In the afternoon session, flat water copper has been quoted more flat water, the market occasionally discounted quotations, buying favor is still high
.
Good copper prices are firm and difficult to promote
for the time being.
However, the willingness to further push up the premium is becoming more prominent, and holders are waiting for higher premium shipments next week
.

In terms of stocks, as of May 31, COMEX copper stocks 231364 short tons; LME copper stocks were 311525 tonnes, up 28,150 tonnes from the previous day; As of June 1, SSE futures inventories were 137396 tons, down 3,060 tons
from the previous day.
Inventories this week totaled 272254 tonnes, up 3,869 tonnes
from last week.

In an interview in Lima, Southern Copper Chief Financial Officer Raul Jacob said the company has opened wage negotiations
with four of the six unions in Peru.
The Company expects this negotiation process to continue throughout the year without any downtime
.
He also said the focus of the talks was on working conditions and salaries, rather than dwelling over bonuses
, as neighboring Chile did.
In Peru, a total of 8% of producers distribute pre-tax profits to workers
.

At present, the macro situation is repeated, copper financial attributes are prominent, and copper prices are more likely to follow macro sentiment fluctuations
.
LME copper stocks soared, putting pressure on copper prices, the world's largest copper mine ESCONDIDA labor negotiations began, the market paid close attention to the impact of negotiation progress on copper prices, long and short cautious operation, short-term copper prices are likely to maintain a volatile trend, volatility or increase
.
FYI
.