The main force of Shanghai copper rushed back to weakness in the short term or continued to fluctuate

Market focus: (1) On Tuesday, the U.
S.
Senate voted 69-30 to approve the $1 trillion draft bipartisan foundation building law, which includes $550 billion in new infrastructure funding
.
(2) Chilean Caserones copper miners began a strike
on Tuesday local time due to the breakdown of labor bargaining.
The mine produced about 127,000 tonnes
last year.

Spot analysis: SMM spot 1# electrolytic copper quotation 69900-70130 yuan / ton, the average price is 70015 yuan / ton, daily increase of 465 yuan / ton
.
Changjiang Nonferrous Metal Network reported that the cargo holders shipped at a high price, the receiver inquired positively, the trading atmosphere was acceptable, and the overall transaction was slightly
deadlocked.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 40,969 tons, a daily decrease of 698 tons; LME copper stocks were 235925 tonnes, down 175 tonnes
per day.

Main positions: Shanghai copper main 2109 contract top 20 long positions 70163, -574, short positions 79674, +1093, net short positions 9511, +1647, long reduction, short and net short increase
.

Market research: The recent passage of the $1 trillion infrastructure bill by the US Senate is expected to increase copper demand sharply, and the US inflation data released within the day is expected to provide more clues
for potential policy actions by the Fed.
On the supply side, some copper mines in South America have recently held strikes, and the supply disturbance of copper mines has further increased
.
However, the recent copper market spot premium has decreased slightly, and the downstream support in the off-season is insufficient, and the short-term Shanghai copper may continue
to fluctuate.