The main force of Shanghai copper stopped falling and rebounded, and it is expected that the short-term weak adjustment

Market focus: (1) Fed Chairman Jerome Powell said that once the supply imbalance is resolved, the rising inflation rate should fall back towards the Fed's 2% target
.
(2) General Administration of Customs of China, China's imports of copper ore and its concentrate in May were 1.
9446 million tons, an increase of 1.
21% month-on-month and 15.
08%
year-on-year.
The cumulative import volume from January to May was 9.
8275 million tons, an increase of 6.
3%
year-on-year.
(3) General Administration of Customs of China, China's refined copper imports in May were 291,400 tons, down 4.
68% year-on-year and 8.
7%
month-on-month.
The cumulative import volume from January to May was 1.
5234 million tons, an increase of 2.
3%
year-on-year.

Spot analysis: On June 22, spot 1# electrolytic copper was quoted at 67130-67270 yuan / ton, with an average price of 67200 yuan / ton, a daily increase of 340 yuan / ton
.
Yangtze River Nonferrous Metal Network reported that downstream mining continued to be sluggish, holders wanted to ship and realize, the market reflected quietly, and the overall transaction was light
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts was 107576 tons during the day, a daily decrease of 5,050 tons, and a decrease of 5 consecutive days; On June 21, LME copper stocks were 161,050 tons, down 7,625 tons
per day.

Main positions: the top 20 long positions of Shanghai copper main 2108 contract are 70256 lots, a daily increase of 2122 lots, short positions are 72460 lots, a daily increase of 2038 lots, a net short position of 2204 lots, a daily decrease of 84 lots, long and short increases, and net space decreases
.

Market research: The chairman of the Federal Reserve said in a speech prepared for the US congressional hearing that the unemployment level in May was high, the growth rate of the employed population should pick up, and inflation in the United States has risen significantly, and inflation is expected to fall
towards the Fed's target.
The Fed may moderate its rhetoric of raising interest rates, and the dollar index will pull back
to its highs.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved
.
However, the recent increase in refinery maintenance and the close import window have led to a decline
in copper production and imports.
At present, the downstream demand performance is not good, most of them are bargained on-demand, and the demand off-season is gradually approaching, and the upward movement of copper prices is weak
.
Technically, the Shanghai copper 2108 contract gave up its gains in the second quarter, and it is expected that the short-term weakness adjustment
.