Shanghai copper's main force to test the low and rebound, is expected to short-term shock adjustment

Market focus, (1) According to data released on the website of the National Bureau of Statistics, in May, industrial enterprises above designated size achieved a total profit of 565.
56 billion yuan, a year-on-year increase of 1.
1%, and in April it was a year-on-year decrease of 3.
7%, and the growth rate turned from negative to positive
.
(2) In the evening, the United States will release GDP data and the number of initial jobless claims for the week, if the data is not good, it may raise the market's expectations of an aggressive interest rate cut by the Federal Reserve, and the dollar will come under pressure
again.
(3) The G20 Summit will be held in Osaka, Japan on the 28th and 29th, when the progress of the meeting will have an important impact on
the international political and economic pattern.

Spot analysis, on June 27, spot 1# electrolytic copper quotation 47050-47150 yuan / ton, the average price fell 180 yuan / ton
from the previous trading day.
SMM reported that most enterprises entered the semi-annual settlement state, the market is basically next month's invoice quotation, the transaction is light, good copper holders take the initiative to lower the quotation, flat water copper as a whole has not seen a significant downward expansion of the transaction, a small number of sources have room for low prices, the overall transaction in the morning has not improved
.
As the holders still have no intention of reducing prices, the downstream willingness to receive goods is lacking, and the market performance is stagnant, the supply and demand sides maintain a stalemate situation
.

Warehouse receipt inventory, Shanghai copper warehouse receipts totaled 60,550 tons on Thursday, a daily decrease of 151 tons; On June 26, LME copper stocks were 241,700 tons, down 1,175 tons per day, down for 8 consecutive days
.
The main position, the top 20 long positions of Shanghai copper main 1908 contract were 64454 lots, a decrease of 3946 lots, short positions were 85152 lots, a decrease of 5260 lots, net short positions were 20698 lots, a daily decrease of 1314 lots, long and short were reduced, and net space decreased
.

During the day, the main 1908 contract of Shanghai copper rebounded in China
.
The Fed chairman's speech on Tuesday was not as dovish as his previous statement, the dollar rebounded and copper prices weakened, while the Chilean copper strike and copper processing fees continued to fall, raising concerns about copper mine supply and forming support
below copper prices.
In terms of spot, most enterprises have entered the semi-annual settlement state, the market is basically next month's invoice quotation, the transaction is light, because the holder still has no intention to reduce the price, the downstream willingness to receive goods is lacking, the market performance stops, so the supply and demand sides maintain a stalemate situation
.
Technically, the MACD red column of the main 1908 contract of Shanghai copper is flat, the Bollinger track is narrowing, and the short-term shock adjustment
is expected.