Shanghai copper rushed back down and recovered most of its gains in late trading

In the external market, today's Asian Lun copper fell under pressure, sharply cutting the larger gains recorded overnight, of which the 3-month London copper fell 1.
64% to 4569 US dollars / ton, and the current London copper is still running in the recent low oscillation finishing range
.
This week, the reduction of copper positions in London mainly rose, indicating that bears actively reduced their holdings on the dip, and copper prices weakened their willingness to fall
.

Macro: The Asian dollar index undertook the overnight decline and is still trading around 94.
3, as the Fed keeps interest rates unchanged as scheduled, but because the UK will announce the Brexit referendum results next week, before the market risk aversion is high, the dollar index correction range or limited, still expected to oscillate and rebound
.

In terms of market: today's Shanghai electrolytic copper spot reported a premium of 80-120 yuan / ton, and the transaction price of flat water copper was 35790-35870 yuan / ton
.
The opening holder's quotation was positive, and the good copper reported a premium of 120 yuan / ton, but the inquiry price was more and the transaction was less
.
During the second trading session, the holders continued to exchange cash at the high, and took the initiative to precipitate the water to produce good copper, so that the good copper reported a premium of 100-110 yuan / ton
.
Subsequently, flat water copper shipments increased, but because its premium of 90-liter water 100 yuan / ton was still quickly digested, so the copper premium rose again to 110-liter water 120 yuan / ton
.
Downstream gradually entered the market, but the fear of heights is obvious, the transaction is mainly concentrated among traders, and the short-term premium may still be firm
.

Industry: The latest monthly report of the World Bureau of Metal Statistics (WBMS) shows that the global copper market has an oversupply of 26,000 tons from January to April this year, compared with 155,000 tons in the same period last year, and the excess has narrowed, as copper demand growth exceeds production
.

Today's Shanghai copper 1608 contract oscillation fell to 35410 yuan / ton, for the fifth consecutive day of low oscillation, indicating that copper prices are weakened, and at the same time boosted by the government's strengthening of non-ferrous metal elimination of backward production capacity and the possible establishment of commercial storage and other news, the short-term correction range of copper futures may be limited
.