Sino-US relations tend to be tense and copper fluctuates at a low level

Yesterday, the spokesperson of the Chinese Foreign Ministry confirmed that the US side suddenly asked China to close the consulate in Houston and urged the US side to immediately withdraw the unreasonable decision, otherwise it will reserve the right to
counteract.
After the news was issued, the market was worried about Sino-US relations tension rekindled, London copper short-term plunged 80 US dollars / ton, A50 stock index futures, European stock markets and other assets fell significantly, and then showed a low shock, intraday low to 6415.
5 US dollars / ton
.
Affected by this bearishness, Shanghai copper opened low at 52,100 yuan / ton in the evening, and continued to fall rapidly in the short term after the opening, and the market sentiment eased at the end of the day, and copper prices rose slightly inside and outside
.

In terms of spot, the willingness to receive goods downstream is expected to improve after the market pullback, and it is still in the long order delivery period, and it is expected that the premium will rise today
.
It is expected that today's London copper 6470-6520 US dollars / ton, Shanghai copper 51700-52000 yuan / ton
.
It is expected that today's spot premium will be 60-120 yuan / ton
.

In terms of news, the World Bureau of Metal Statistics (WBMS) reported that the global copper market supply shortage from January to May was 18,000 tons, and the supply shortage in 2019 was 267,000 tons; the supply at the mine end is still shrinking, but the domestic refined copper supply is slightly abundant, the inventory continues to accumulate, and the refined waste price spread widens to boost scrap copper consumption, and spot copper prices are expected to fall
today.