The upward momentum has weakened, and copper prices fell under pressure at the beginning of the week

In the external market, Asia Lun copper fell under pressure, of which as of 15:00 Beijing time, the 3-month London copper was reported at 7275 US dollars / ton, down 0.
42% on the day, and is still running above
the moving average group.
In terms of positions, as of June 8, the position of London copper was 342,000, an increase of 8,645 lots per day, and the position of London copper has increased and decreased in the past week, showing that long and short trading is cautious
.

On the macro front, the Asian dollar index fluctuated lower, now trading around 93.
44, down 0.
12%
on the day.
During the G7 summit, trade frictions between the United States and various countries were everywhere, and market risk aversion heated up
.
The focus of the market is on the Fed's
June rate hike this week.
On the industry front, Chile's copper production jumped 6.
4 percent year-on-year to 446,900 mt in April as output from the country's large private mines increased
, the Chilean Copper Council said.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 60 yuan / ton - flat water, the trading price of flat water copper was 53740 yuan / ton - 53800 yuan / ton, and the transaction price of premium copper was 53760 yuan / ton - 53840 yuan / ton
.
Shanghai copper maintained a high level of volatility, the basis remained stable at more than 200 yuan / ton, the holder still has the willingness to hold the price, the quotation discount 50 yuan / ton ~ flat water, the market is high to stop and see, although the inquiry atmosphere is acceptable, but the trade activity is low
.
As the delivery period approaches, the basis of the next month does not collect but expands, which limits the space for
underwater expansion to a certain extent.
Downstream on-demand buying, traders' receipt is affected
by their respective financial capacity.
Market trading showed the characteristics of
Monday's tug-of-war.

In terms of stocks, as of June 8, COMEX copper stocks 231012 short tons, an increase of 355 tons from the previous day; LME copper stocks were 307075 tonnes, down 3,125 tonnes from the previous day; As of June 11, SSE futures inventories were 133562 tons, down 55 tons
from the previous day.

Ronald Salcedo, president of BHP's Spence copper mine, said workers in the union had expressed support
for the new offer of collective contracts.
The union has 802 workers, 87 per cent of whom voted in favour of the new collective bargaining agreement
.
The Spence copper mine, located in Chile's Pampa Norte region, produced 148,900 tonnes of copper cathode from January to March 2018, compared to 136,100 tonnes of copper cathode in January-March 2017, up 9.
4%
year-on-year.

At present, the expectation of a copper strike has been lowered, and the momentum of copper prices to continue to rise has weakened, of course, it is still necessary to wait for the final negotiation results
.
The impact of domestic environmental protection retrospective on copper scrap will continue to trigger supply-side contraction expectations
.
Copper prices are expected to remain elevated in the short term
.
Keep an eye on the recent USD movement
.
FYI
.