The main force of copper will continue the weak trend and maintain a low volatility in the short term

In terms of spot, Shanghai electrolytic copper spot reported a discount of 190 yuan / ton - 140 yuan / ton for the current month's contract, the transaction price of flat water copper was 51060 yuan / ton - 51280 yuan / ton, and the transaction price of premium copper was 51080 yuan / ton - 51300 yuan / ton
.

In terms of stocks, as of June 27, COMEX copper stocks 223983 short tons, down 615 tons from the previous day; LME copper stocks were 298,250 tonnes, down 525 tonnes from the previous day; As of June 29, SSE futures inventories were 142829 tons, an increase of 2,958 tons
from the previous day.

BMI Research expects that the global copper market will continue to be undersupplied in the coming years, mainly due to the growing production of China's power and infrastructure sector and electric vehicles, which will consume a large amount of copper and cannot achieve a balance
between supply and demand.
Global refined copper supply is expected to see a shortfall of 251,000 tonnes in 2018 and will remain inadequate
in 2023.
In the longer term, BMI expects the global copper supply shortage to gradually decrease, the market will reach a general supply-demand balance between 2024 and 2027, and high copper prices will also incentivize producers to increase output and invest in new projects
.

At present, the uncertainty of the macro and the weak downstream demand, the spot maintains a large discount structure, it is difficult to boost the copper price bulls, the strong dollar makes London copper even more suppressed, and the technical support is slightly weak
.
The main force of Shanghai copper is entangled near
the early shock platform.
The news at the copper mine end is calm, and copper prices lack a favorable boost, and it is expected to remain weak and volatile
in the short term.
FYI
.