The main force of Shanghai copper rushed back down and fell into a range consolidation

Market focus, the Asian dollar index fluctuated slightly down, now trading at 96.
977, slightly down 0.
04%, hovering
near the 10-day moving average.
During the period, the total amount of social zero in May increased by 1.
4 percentage points year-on-year, and the fixed investment and industrial added value in May were lower than expected
.
According to CME "Fed Watch": the probability of the Fed maintaining interest rates at 2.
25%-2.
5% in June this year is 70.
8%, and the probability of cutting interest rates by 25 basis points is 29.
2%; The probability of maintaining interest rates in this range in September is 2.
8%, with a 25 basis point rate cut and a 50 basis point cut probability of 24.
1% and 54.
6%
respectively.

Spot analysis, on June 14, the spot 1# electrolytic copper quotation was 46420-46560 yuan / ton, the average price increased by 150 yuan / ton
from the previous trading day.
According to reports, the holder has no intention of lowering the premium, the quotation remains stable at the previous day's level of 50-90 yuan / ton, the transaction is still showing the characteristics of sawing, flat water copper can be pressed to 40 yuan / ton to take the goods, downstream does not have the willingness to replenish a large number of goods on weekends, still maintain just demand
.
Imported copper will continue to enter the market, supply remains loose, and downstream consumption is difficult to boost
for the time being.

In terms of inventory, the total number of Shanghai copper warehouse receipts was 65,604 tons, a daily decrease of 477 tons; As of June 13, LME copper stocks stood at 248,550 tons, an increase of 37,650 tons per day, ending a five-year losing streak and rising to a new high since September 7 last year; As of the week of June 6, the stock of copper cathode on the Shanghai Futures Exchange was 145626 tons, a weekly decrease of 19,813 tons, and a 10-week drop to refresh a new low
since the week of February 1.

The main 1908 contract of Shanghai copper rushed back down during the day and fell into range consolidation
.
During this period, fears of a global economic slowdown remained, domestic economic data performed poorly, industrial value added and fixed investment were lower than expected, and the stock market fell
.
The Chilean copper mine strike began, and it is expected that the tight upstream supply will provide some support to copper prices, and the performance is more resistant
.
In terms of spot, holders have no intention of lowering the premium, the transaction is still showing the characteristics of tug-of-war, the downstream does not have the willingness to replenish a large number of stocks over the weekend, imported copper will continue to enter the market, the supply remains loose, and downstream consumption is difficult to boost
for the time being.
Technically, the main contract of Shanghai copper is under pressure on the 20-day moving average, and the 46000 mark support
is focused below.
Operationally, it is recommended that the Shanghai copper 1908 contract can be sold high and low between 46700-46100 yuan / ton, and the stop loss is 300 yuan / ton
each.