The center of gravity of Shanghai copper rose again, maintaining a strong trend of oscillation

In the external market, London copper opened at 7235.
5 US dollars / ton, and the overall upward trend at the beginning of the session was volatile, and it rushed up to 7287 US dollars / ton
at noon.
Although it gave up some of the gains, it slowly recovered to 7290 US dollars / ton after testing the low of 7244 US dollars / ton
.
After entering the European and American time, the volatility increased, first touching 7295 US dollars / ton, and then due to the LME copper inventory announced a small increase of 3450 tons, copper prices gave up their gains again, tested down 7232 US dollars / ton, and then wide volatility ran in the range of 7240 ~ 7290 US dollars / ton
.

In terms of the market, Shanghai copper rose by thousands of yuan overnight, copper prices continued to rise during the day, downstream fear of heights intensified, the basis remained above 200 yuan / ton, speculators favored low-priced sources, morning market quotation discount 60 ~ discount 10 yuan / ton, the market is not attractive
.
Speculators follow the trend to lower prices, the quotation is reduced to a discount of 70 ~ discount 30 yuan / ton, the price pressure still has room for amplification, after eleven o'clock, Dajiang small board, Lu Fang and other brands can be reduced to a discount of 80 yuan / ton to receive
.
The market continues to show the characteristics of strong and weak in the emerging period, and the fear of heights continues to ferment, which inhibits market consumption
.
Market transactions are mostly speculative traders who use the basis to buy and sell before
delivery.
Transactions in the afternoon session are still dominated by speculators, and the overall activity of the market is poor, with few
transactions.
Near delivery, there is less
room for quotation downward adjustment.

In terms of stocks, as of June 6, COMEX copper stocks 230777 short tons, down 281 tons from the previous day; LME copper stocks were 306,750 tonnes, down 2,550 tonnes from the previous day; As of June 7, SSE futures inventories were 129179 tons, up 300 tons
from the previous day.

Chile's Escondidiq copper mine may avoid a repeat of last year's 40-day strike, according to a union leader, as both sides look forward to signing new collective contracts
as soon as possible.
BHP provided an initial response
to Escondida's workers' demands for huge bonuses and a 5 percent pay rise until the end of last week.
The two sides are currently planning in-depth talks
next week.
The parties' existing collective contracts expire on July 31
.

In the near future, the US dollar has fallen from its highs, macro risks have cooled, and benefiting from the impact of potential supply, copper prices have risen again
.
At the same time, due to copper's recent bullish expectations, attention has increased, the Shanghai copper index continued to increase to 769,000 lots, it is expected that short-term copper prices will maintain a strong trend of volatility, but the spot discount is maintained, reflecting the lack of willingness to follow the rise in spots, beware of copper prices falling
.
Pay attention to the progress of ESCONDIDA negotiations and the trend of
the US dollar.
FYI
.