Shanghai copper shocks are weak and it is still difficult to get rid of the adjustment pattern in the short term

Externally, London copper opened at 4817 US dollars / ton, copper prices around the daily average of 4818 US dollars / ton consolidation, with the US index fell back to 96.
113, crude oil rose slowly, London copper rose slightly, high touch 4835 US dollars / ton, in the 5-day moving average near the blocked shock fall, into the European session, the US index rebounded, the LME announced that the inventory increased by 22550 tons, copper prices plummeted, as of 17:00, London copper reported 4730 US dollars / ton
.

In the market, the decline of Shanghai copper slowed down, and the current copper premium rose
slightly.
The basis narrowed in the following month, it was difficult to mention that traders were happy, copper prices did not fall to the downstream psychological price and continued to wait and see
.
Approaching delivery, the cargo holder expects to report a good copper premium of more than 50 yuan / ton, which can drive the flat water copper premium to report
.
The market premium of 40 yuan / ton of good copper transaction is acceptable, but after the rise to 60 yuan / ton, no one cares
.
Although traders prefer low-quality flat water copper when purchasing, which makes flat water copper 10-liter 20 yuan / ton, but the overall lack of transaction makes it difficult to improve
the flat water copper premium.
In the afternoon, copper prices rebounded slightly, quotations slightly lowered to 10-50 yuan / ton, the transaction price was at 37320-37460 yuan / ton, and the overall weak demand inhibited the rise
of premiums.
The overall intraday trading market was not as good as yesterday, and the transaction was still concentrated on traders replacing long orders
.

In terms of news, Peru's copper production in May rose sharply by 61% year-on-year to 212,000 tons
.
From the analysis point of view, Peru's production in the first five months of this year continued to grow, and the output in May continued to increase compared with the previous month, which shows that the increase in mine production in Peru is still continuing
.
The current increase in global copper supply is mainly contributed by Peru, which is partially offset by lower ore grades in Chile
.

Overall, copper prices show strong support below, but considering that uncertainty is still there, coupled with the upcoming release of the minutes of the June monetary policy meeting by the Federal Reserve, copper prices are still difficult to get out of the adjustment pattern in the short term, copper price support is $4800 and $4700, you can wait and see on the transaction, waiting for new entry opportunities
.