The main force of Shanghai copper fluctuated and rose, and the market trading situation was average

Market focus: (1) At 22:00 Beijing time on July 6, the United States will release the ISM non-manufacturing PMI for June, 64 in the previous month and 63.
5
expected.
(2) According to my nonferrous metal network, the stock of electrolytic copper in the Chinese market on July 5 was 224,300 tons, down 05,100 tons from last Thursday and 10,700 tons
from last Monday.

Spot analysis: On July 6, the spot 1# electrolytic copper quotation was 69570-69830 yuan / ton, the average price was 69700 yuan / ton, and the daily increase was 1040 yuan / ton
.
The sentiment of the holders is high, the downstream just needs to buy, and the trading situation is general
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 89,023 tons, a daily decrease of 3,073 tons, and a decrease of 15 consecutive days; LME copper stocks were 212475 tonnes, up 525 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2108 contract 73861, -1476, short positions 79968, +3468, net positions -6107, -4944, long short increase, net space increase
.

Market research and judgment: the US non-farm payrolls data in June showed a slight increase in unemployment, the Fed reduced asset purchases or raised interest rates there was still room to wait, and the US dollar index fell under pressure; However, the global risk of the spread of the Delta coronavirus variant has increased, triggering risk aversion
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved
.
However, the recent increase in refinery maintenance, coupled with the basic closure of the import window, copper production and imports have declined, domestic inventories have maintained a decline during the off-season, inventory digestion is better than expected, and copper prices have stabilized and
rebounded.