Shanghai Copper Short-term Stabilization and Adjustment The market wait-and-see mood is strong

Market focus: (1) The US consumer confidence index reported 117.
2 in May, worse than the forecast of 119.
2, and the figure in April was revised down from 121.
7 to 117.
5
.
Consumer perceptions of the labour market improved, with the work abundance index strengthening from 36.
3 to 46.
8 and the work difficulty index easing from 14.
7 to 12.
2
.
(2) BHP Billiton's Chilean Escondida and Spence copper miners' union rejected the company's contract proposal and called on members to strike
starting Thursday.
In 2020, the Escondida copper mine produced 1.
19 million tons and the Spence copper mine produced 146,700 tons
.

Spot analysis: On May 27, spot 1# electrolytic copper was quoted at 71150-71500 yuan / ton, with an average price of 71325 yuan / ton, down 395 yuan / ton
per day.
The wait-and-see mood is strong, the downstream just needs to consume, and the transaction performance is average
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 154859 tons on Thursday, a daily decrease of 1107 tons, down for 7 consecutive days; On May 26, LME copper stocks stood at 124,700 tonnes, down 1,225 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2107 contract were 82763 lots, a daily increase of 3014 lots, short positions were 80685 lots, a daily increase of 1416 lots, a net long position of 2078 lots, a daily increase of 1598 lots, both long and short increases, and net long increases
.

Market research and judgment: Shanghai copper 2107 oscillating operation
on May 27.
U.
S.
work data for May showed an expected improvement in the U.
S.
labor market, increasing expectations of the Fed to reduce size, and the dollar rebounded
low.
Upstream copper processing fees TC have stabilized, but the recent planned strike by BHP Billiton's Escondida and Spence copper miners has reignited supply concerns
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; The recent decline in copper prices, the increase in downstream purchasing intentions, and the downward trend in inventories have supported copper prices
.
Technically, the mainstream long position of the Shanghai copper 2107 contract increased significantly, focusing on the support of the 40-day moving average, and it is expected that the short-term stabilization adjustment
.