The dollar rebounded to put pressure on the upward movement of the main force of Shanghai copper

Market focus: (1) Fed Chairman Jerome Powell stressed the independence of Fed policy on Tuesday and said that the institution would not overreact to short-term economic data, hitting market expectations of interest rate cuts, and the US index rebounded to the upside
.
(2) China's imports of refined copper cathodes in May were 243056 tons, down 15% month-on-month and 29.
2%
from the same period last year, data released by the General Administration of Customs on Tuesday.
(3) CITIC completes a C$612 million investment in Ivanhoe Mines, which the miner is using to build a large copper mine in Congo that, once fully developed, will produce 382,000 tonnes of copper
per year for the first 10 years.

In terms of the market, on June 26, spot 1# electrolytic copper was quoted at 47220-47340 yuan / ton, and the average price was 325 yuan / ton
higher than the previous trading day.
Traders are active in the morning, long order delivery is basically behind the curtain, the proportion of quotations of invoice holders in the next month will increase, and the transaction of low-priced sources is acceptable, if the discount transaction performance is positive
。 On the one hand, some large enterprises after completing the long order, enterprises gradually enter the settlement of the middle of the year and the end of the month, the trading performance is cautious, and because the plate has rebounded sharply copper prices high, making the downstream fear of heights, consumption is weak, and there is very little access to the market, traders are also reduced due to the end of the month, trading activity may still be difficult to show activity, spot goods are inevitably easy to show a small discount
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 60,701 tons on Wednesday, a daily decrease of 101 tons; On June 25, LME copper stocks were 242875 tons, down 1,850 tons per day, down for seven consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 1908 contract were 68400 lots, a decrease of 831 lots, short positions were 90412 lots, a decrease of 1571 lots, net short positions were 22012 lots, a daily decrease of 740 lots, long and short were reduced, and net space was reduced
.

On June 26, the upward movement of the main 1908 contract of Shanghai copper was blocked
.
The Federal Reserve chairman's speech on Tuesday failed to give fresh clues to the rate cut, weighing on market expectations of possible aggressive actions, the dollar was boosted, copper prices weakened, and domestic imports of refined copper cathodes in May fell month-on-month, partially supporting
copper prices.
In terms of spot, traders are active in inquiry, long-term order delivery is basically behind the curtain, the proportion of quotations of invoice holders will increase next month, and the transaction of low-priced sources is acceptable, and the discount transaction performance is positive
.
Technically, the main 1908 contract daily MACD red column of Shanghai copper increased slightly, the Bollinger band narrowed, pay attention to the technical pressure level above 48000, and expect short-term shock adjustment
.