Shanghai copper rushed back down There is still room for a pullback in the short term

In the external market, expectations of the Fed's interest rate hike heated up overnight, the high of U.
S.
stocks fell, and London copper was weak and volatile, closing down $6 at the end of the day, closing at $4634
.
London copper futures fell today, holding near their lows since February, as the US Federal Reserve signaled a possible interest rate hike in June and the dollar moved, pushing copper prices
lower.
The dollar held high early in the Asian session, making the metal more expensive
for buyers paying in other currencies.
Three-month copper on the London Metal Exchange fell 0.
4 percent to $4,596 a tonne, down 0.
9 percent the previous day, and fell on the day to its lowest level since Feb.
19 at $4,563.
50
.

3.
Overview of the domestic copper market

On the macro front, demand concerns over weak Chinese economic data have yet to subside, and the dollar index, which jumped in recent days on the Federal Reserve's hint of a June rate hike, dealt another blow
to the copper market.
Recent good US economic data have kept the dollar rising, and the minutes of the Fed's April meeting indicate that the Fed may raise interest rates at its June meeting if the data improves, and members believe that global risks have subsided since March, and hope to keep the possibility
of a June rate hike open.
Under the influence of interest rate hike expectations, market trading confidence has been dampened, and copper is expected to maintain a downward pattern
in the short term.

In terms of the market, today's Shanghai electrolytic copper spot reported a premium of 40 yuan / ton - 80 yuan / ton, flat water copper trading price of 35350 yuan / ton - 35500 yuan / ton, liter copper trading price of 35370 yuan / ton - 35530 yuan / ton
.
Shanghai copper volatility lower
.
Holders continued to rise in early trading, but with the inflow of some deliveries, the supply increased and brands increased, and the intraday premium narrowed
slightly.
However, large traders have not yet seen a large number of shipments, and some non-stock traders are looking for low-priced sources for inventory, which has slowed down the premium and returned to the deadlock between supply and demand
.
After 11 o'clock, the market fell again, making the spot market seem to reappear yesterday, and the transaction was almost frozen
.

4.
Copper closing situation

Today, Shanghai copper rose slightly after the open, and then crude oil fell, Shanghai copper was dragged down and declined, and the late low recovery recovered some of the decline, 1607 finally closed at 35200 yuan / ton, down 390 yuan / ton, down 1.
10%.

The total position of Shanghai copper decreased by 4,086 lots to 760,000 lots, with a total transaction of 690,000 lots, of which 1,608 contracts increased their positions by 12,414 lots, and the far month contracts were even more suppressed by shorts
.
Today's Shanghai copper was suppressed by the US dollar to open low, intraday crude oil dragged downward, the overall downward trend of the market is difficult to change, pay attention to the support around 35,000 yuan / ton in the evening
.