The rise in crude oil prices has a certain boost to Shanghai copper

On the macro front, the revised GDP in the United States in the first quarter once again recorded poorer-than-expected results, which made the market question
the Fed's continued interest rate hikes.
However, higher crude oil prices may have a positive effect
on copper prices.

On the supply side, domestic copper mine TC continued to fall slightly by $0.
72 to $78.
56/mt
last week.
According to Mysteel, the Las bambas copper miners in Peru, a subsidiary of Minmetals, went on strike again, and the interference signal of raw material supply once again appeared
.
At the same time, copper concentrate port inventories rose another 150,000 tons from the previous week to 895,000 tons, indicating that logistics across the country are still not smooth
.
However, due to the relatively intensive maintenance of domestic refineries since mid-to-late May, the overall decline in TC prices is not large
.
TC is expected to decline slightly and to a relatively limited
extent in June as refinery overhauls are completed.

In terms of consumption, the current demand reality is indeed poor, whether it is real estate, automobile data are relatively poor
.
The future market needs to pay attention to the implementation of various domestic policies to boost
demand.

In terms of stocks, LME stocks fell 02,500 tonnes to 168,200 tonnes yesterday and SHFE stocks rose 0.
67 million tonnes to 123,800 tonnes
.

Overall, the current epidemic has continued to weaken the pattern of supply and demand, but this situation will change
in the next June and July as the smelting overhaul ends and the impact of the epidemic fades.
The actual recovery in supply may be earlier than demand, coupled with the inflow of imported copper, so supply is expected to be slightly excessive
.
It is expected that the price of the future market will still be dominated
by a volatile pattern.
When the demand is further confirmed, the price is expected to show a strong pattern
again.