The main force of Shanghai copper rushed back down and is expected to fluctuate more in the short term

Market focus: (1) The preliminary value of the Markit manufacturing PMI in the United States in June was 50.
1, updating the lowest since September 2009, 50.
5 expected, 50.
5 in the previous month; the preliminary value of the Markit service PMI in June was 50.
7, updating the new low since February 2016, 51.
0 expected, and 50.
9
in the previous month.
(2) The union at Chile's Chuquicamata copper mine voted Saturday to reject the latest contract proposal put forward by Chile's national copper company Codelco, and the strike will last at least until the 28th
.
(3) Data released by the General Administration of Customs of China on Sunday showed that China's copper scrap imports in May were 170,000 tons, unchanged from April, with 680,000 tons of scrap copper imports from January to May and 946,600 tons from January to May 2018
.

In the spot market, on June 24, spot 1# electrolytic copper was quoted at 46790-46880 yuan / ton, and the average price was 65 yuan / ton
lower than the previous trading day.
The morning market quotation of the holder is 40-90 yuan / ton, the transaction is still showing the characteristics of tug-of-war, flat water copper can be lowered to around 30 yuan / ton, good copper is also correspondingly lowered to the premium 70-80 yuan / ton range quotation, the transaction has improved slightly; The downstream still maintains rigid demand, and wet copper maintains a discount of 40 yuan / ton - a discount of 30 yuan / ton quotation
.
It is difficult for the futures to get rid of the range shock pattern, and the long order delivery day in the last two days of this month is also a factor for spot to rise, and the supply and demand sides will still be in a stalemate
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 59,498 tons, a daily decrease of 2,923 tons; On June 21, LME copper stocks stood at 246,050 tonnes, down 1,000 tonnes
per day.
As of the week ended June 21, the stock of copper cathode on the Shanghai Futures Exchange was 134747 tons, a weekly decrease of 4,809 tons, and a 12-week drop to refresh the lowest
since the week of February 1.

During the day, the main 1908 contract of Shanghai copper rushed higher and retreated
.
U.
S.
economic data indicators performed poorly, Fed Vice Chairman Clarida said that the reasons for interest rate cuts have increased, weighing on the US index, while the Chilean copper strike is still continuing and China's scrap copper imports are declining, which supports futures prices
.
In terms of spot, the transaction is still showing the characteristics of tug-of-war, after the quotation has been lowered, the transaction has improved slightly, the downstream still maintains rigid demand, and the stalemate between supply and demand is expected to continue
.
Technically, the main 1908 contract of Shanghai copper tried to break through the 30-day moving average and encountered resistance, the 10-day moving average crossed the 20-day moving average, and the red column of the daily MACD indicator was flat, and it is expected that the short-term volatility is more
.