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On Tuesday, the main 2107 contract of Shanghai copper was adjusted to the shock, with the highest 71830 yuan / ton and the lowest 71100 yuan / ton within the day, and the closing price of 71420 yuan / ton, up 0.
04% from the closing price of the previous trading day; LME copper fell slightly, as of 15:00 Beijing time, 3-month London copper was at $9924/ton, down 0.
26%
on the day.
Market focus: (1) The Fed's overnight reverse repo usage exceeded $486 billion, surpassing the previous record high of $485.
3 billion on May 27 and setting a new record high
.
(2) On June 7, the spot inventory of electrolytic copper in the Chinese market was 313,600 tons, down 08,300 tons from last Thursday and 15,300 tons
from last Monday.
Spot analysis: On June 8, the spot 1# electrolytic copper quotation was 71220-71420 yuan / ton, the average price was 71320 yuan / ton, down 210 yuan / ton
per day.
Holders continue to raise prices, downstream just need to consume, transaction performance is average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 132892 tons on Tuesday, a daily decrease of 5,375 tons, a decline of 5 consecutive days; On June 7, LME copper stocks stood at 124,700 tonnes, up 25 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract are 79085 lots, 4498 daily losses, short positions are 81286 lots, daily minus 2784 lots, net short positions are 2201 lots, daily increase of 1714 lots, long and short are reduced, net space increases
.
Market research: The US non-farm payrolls data in May was less than expected, the urgency of the Fed to adjust monetary policy was reduced, and the Fed's reverse repurchase usage continued to grow, and the US dollar index was under pressure
.
Upstream domestic copper mine inventories showed rapid growth, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved, but South American copper mine strikes and policy risks still exist
.
Refined copper production remained stable as crude copper supply increased and sulphuric acid prices rose, easing cost
pressures.
At present, the downstream demand performance is flat, mostly bargain hunting, domestic inventories maintain a downward trend, copper prices have fallen into adjustment
.
Technically, the 20-day moving average of the Shanghai copper 2107 contract turned downward, and it is expected to fluctuate
at a short-term low.
