The main force of Shanghai copper opens high and goes high The consumer market is afraid of heights

Market focus: (1) From 02:00 to 03:00 Beijing time on Thursday, the Fed's monetary policy decision will be ushered in, and Fed Chairman Powell will also hold a press conference after the decision, and the market expects a 22.
5%
probability of a 25 basis point rate cut by the Fed.
(2) Xi Jinping and Trump had a telephone call, and the two sides expressed their willingness to meet at the G20 summit, and the Sino-US negotiations returned to the dawn.

(3) The strike action at the Chuquicamata copper mine in Chile has entered its fifth day, Codelco has submitted a new proposal, and it is still unknown
whether the union will accept the new conditions.

Spot analysis: On June 19, spot 1# electrolytic copper was quoted at 46820-46940 yuan / ton, and the average price increased by 500 yuan / ton
from the previous trading day.
Intraday quotation holders have no intention of lowering the premium, the plate rebounded strongly, but the spot transaction still shows the characteristics of sawing, although flat water copper is generally in the premium of 30-40 yuan / ton, but due to the low activity of market inquiry, some traders can lower the price to 20 yuan / ton to take the goods, good copper maintained in the premium 70-80 yuan / ton range of quotation, it is difficult to reduce the price; The downstream still maintains rigid demand, and wet copper maintains a discount of 40 yuan / ton - a discount of 20 yuan / ton quotation
.
Downstream consumption is afraid of heights, mainstream transactions are still mainly long-term order delivery, holders maintain the willingness to hold prices, the short-term market may remain stable at the current level, and supply and demand will continue to show a state of stagnation
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 64,489 tons on Wednesday, a daily decrease of 2,690 tons; On June 18, LME copper stocks stood at 250,750 tonnes, down 600 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 1908 contract were 67885 lots, a decrease of 1962 lots, short positions were 89867 lots, a decrease of 2459 lots, net short positions were 21982 lots, daily reduction of 497 lots, long and short were reduced, and net space was reduced
.

Market research and judgment: On June 19, the main 1908 contract of Shanghai copper opened high and went higher, breaking through the 20-day moving average
.
The Chilean copper strike has led to increased supply concerns, while the Chinese and American leaders decided to meet at the G20 summit, and the trade situation has shown signs of easing, pushing copper prices higher
.
In terms of spot, the market rebounded strongly, but the market inquiry activity is low, downstream consumption is afraid of heights, mainstream transactions are still mainly long-term order delivery, holders maintain the willingness to hold prices, the short-term market may remain stable at the current level, supply and demand continue to show a state
of glue.
Technically, the main contract of Shanghai copper stands on the 20-day moving average, the daily MACD indicator red column growth, above 46950 yuan / ton there is pressure, it is expected to fluctuate more
.