The main force of Shanghai copper rushed back down, and the overall downstream demand continued to be weak

In the market focus, the monthly employment of ADP in the United States increased by 102,000 in June, less than expected an increase of 140,000 and an increase of 27,000
in the previous month.
In the United States, the number of initial jobless claims for the week ended June 29 was 221,000, slightly better than the expected 223,000 and the previous value of 227,000
.
White House chief economic adviser Kudlow said the two countries are ready and senior representatives of the two countries will resume formal trade talks
within days.
Chile's national mining company (Codelco) has again delayed plans to fully resume production at its Chuquicamata smelter, which is not expected to return to full capacity
until mid-August.

Spot analysis, on July 4, spot 1# electrolytic copper quotation 46490-46630 yuan / ton, the average price of 46560 yuan / ton, up 150 yuan / ton
from the previous trading day.
Holders continued the previous day's price trend, the plate was red, and the premium rose further than the previous day, which obviously inhibited the buying interest, but the proportion of good copper is still small, the willingness to raise the price is still strong, it is difficult to have room for price reduction, and the price of wet copper goods is small
.
Following the concentrated replenishment of the market on the previous day, copper prices rebounded slightly during the day, and the premium was difficult to fall, and downstream and traders returned to a wait-and-see situation under their abundant inventory, and then fell into a stalemate pattern, which is difficult to show the activity of the previous day
.
With the gradual storage of newly imported copper, the subsequent supply may gradually be relaxed, and it will be difficult and pressure
to raise the spot premium.

Warehouse receipt inventory, Shanghai copper warehouse receipts totaled 64,223 tons on Thursday, a daily decrease of 704 tons; On July 3, LME copper stocks were 272,500 tons, an increase of 32,575 tons per day
, a large increase.

During the day, the main 1908 contract of Shanghai copper rushed higher and retreated
.
US President Trump once again tweeted, attacking currency manipulation in Europe and other regions, putting pressure on the US dollar to support copper prices, but the economy is still weak, downstream demand continues to be weak overall, and copper prices lack upward momentum
.
In terms of spot, after the market concentrated replenishment on dips on the previous day, copper prices rebounded slightly during the day, and the premium was difficult to fall, and downstream and traders returned to a wait-and-see situation under the abundance of their respective inventories, and fell into a tug-of-war pattern within the day, which is difficult to show yesterday's activity
.
Technically, the main 1908 contract of Shanghai copper is under pressure below the moving average group, and the red bar of the daily MACD indicator is shortened, and the short-term volatility is expected to be weak
.