Shanghai copper's main force continues to be weak The bearish atmosphere is still dominant

Market focus: The Asian dollar index fluctuated slightly and fell slightly, now trading at 96.
912, slightly down 0.
07%, under pressure on the 10-day moving average
.
During the period, China's May CPI rose 2.
7% year-on-year, hitting a 15-month high, 2.
7% expected, and 2.
5%
in the previous month.
The CPI is in the "2 era"
for the third consecutive month.
Central bank: New RMB loans in May amounted to 1.
18 trillion yuan, M2 increased by 8.
5%
year-on-year.
In terms of copper information, Chile's national copper company (Codelco) failed labor negotiations with the Chuquicamata union, and the strike began on Friday, Chuquicamata produced 321,000 tons of copper last year, so the strike may tighten global copper supply
.

Spot analysis: On June 13, the quotation of spot 1# electrolytic copper was 46240-46440 yuan / ton, and the average price was 285 yuan / ton
lower than the previous trading day.
SMM reported that the market selling sentiment eased slightly, the morning holders continued yesterday's quotation premium 50-90 yuan / ton, some traders inquired positively, there was a willingness to receive goods at a low price, the transaction was acceptable, the second trading session, the holders had no intention of continuing to reduce prices, the quotation remained in the flat water copper premium 50 yuan / ton line, so the stalemate pattern was re-displayed, and the market transaction atmosphere also faded
.
Today's market has changed yesterday's continuous decline in premium, which is difficult for traders to find low-priced sources, and it is difficult for holders to sell firm sources, and the market shows the characteristics
of supply and demand.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 66,081 tons, a daily decrease of 1,852 tons; As of June 12, LME copper stocks were 210,900 tons, down 325 tons per day, falling for five consecutive years to a new low since June; As of the week of June 6, the stock of copper cathode on the Shanghai Futures Exchange was 145626 tons, a weekly decrease of 19,813 tons, and a 10-week drop to refresh a new low
since the week of February 1.

The main 1908 contract of Shanghai copper continued to be weak during the day, and has fallen back below the moving average group, and the bearish atmosphere is still dominant
.
During this period, fears of a global economic slowdown remained, and macro bearishness still dominated the market
.
The Chilean copper strike will begin on Friday, and tight upstream supply is expected to provide some support
to copper prices.
In terms of spot, the market changed the performance of the continuous decline and smooth decline of the previous day's premium, traders are difficult to find low-priced sources, and it is difficult for holders to sell firm sources, and the market shows the characteristics
of supply and demand.
Technically, the KDJ indicator of the main contract of Shanghai copper has a downward trend, and the 46000 mark support
is focused below.
Operationally, it is recommended that the Shanghai copper 1908 contract can be sold high and low between 46700-46100 yuan / ton, and the stop loss is 300 yuan / ton
each.