The main shock of Shanghai copper is weak, and short-term low volatility is expected

Market focus: (1) The yield on the US 10-year Treasury note fell below 1.
5% for the first time in a month, hitting a one-month low
.
(2) At 20:30 Beijing time on June 10, the United States will release CPI data for May, and the market expects the annual rate of core CPI in the United States to rise by 3.
5% in May, which will hit the largest growth rate
in 28 years.
(3) On June 10, the spot inventory of electrolytic copper in the Chinese market was 299,700 tons, down 22,200 tons from last Thursday and 13,900 tons
from Monday.
(4) The United States exported 1686.
11 tons of copper cathode in April, higher than 1304.
96 tons in March; imported 8194.
38 tons, lower than 9912.
32 tons
in March.

Spot analysis: On June 10, spot 1# electrolytic copper quotation 71160-71400 yuan / ton, the average price of 71280 yuan / ton, down 460 yuan / ton
daily.
Yangtze River Nonferrous Metal Network reported that the spot market quotation is chaotic, the downstream chooses to wait and see, the overall trading is relatively deadlocked, and the transaction is light
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 126615 tons on Thursday, a daily decrease of 2,326 tons, a decline of 7 consecutive days; On June 9, LME copper stocks stood at 129675 tonnes, up 2,475 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2107 contract are 79726 lots, an increase of 90 lots per day, short positions are 82459 lots, a daily increase of 193 lots, a net short position of 2733 lots, a daily increase of 103 lots, long and short increases, and net space increases
.

Market research: The US inflation data for May is about to be released, the market consensus expects a strong performance, the Fed's early tightening concerns have revived, and the US dollar index has rebounded
at a low level.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved, and the disturbance of copper mine events in South America weakened
.
The increase in crude copper supply and the rise in sulfuric acid prices eased the pressure on the cost side, but the impact of some refinery maintenance led to a month-on-month
decline in refined copper production in May.
At present, the downstream demand performance is flat, mostly bargain hunting, domestic inventories maintain a downward trend, copper prices have fallen into adjustment
.
Technically, the Shanghai copper 2107 contract triangle convergence trend, is expected to fluctuate
at a short-term low.