Copper prices failed to continue to rise, and the center of gravity shifted downward

In terms of the external market, London copper opened at 6820 US dollars / ton, at the beginning of the session London copper fluctuated around the opening price, the intraday high to 6837.
5 US dollars / ton, after the center of gravity of London copper moved down below the daily moving average, in the afternoon, the US dollar index opened the upward mode, London copper accelerated to fall, quickly leaked to a low of 6756.
5 US dollars / ton, affected by the news that workers of Chuquicamata, the second largest copper mine under Codelco in Chile, planned to hold a strike, London copper low quickly rebounded, back to 6800 US dollars / Tonnes stabilized and consolidated, and as of 17:58, London copper was trading at $6805.
5/ton
.

In terms of the market, the central bank announced a targeted RRR cut of 0.
5 percentage points, releasing nearly 700 billion liquidity, the morning market opened Shanghai copper in response to the sound, the monthly contract was pressured 52,000 yuan / ton rushed back down, the morning rise was less than 300 yuan / ton, the market questioned the sustainability of the rebound, although the spot market morning quotation held steady at the price discount of 160 ~ 110 yuan / ton on Friday, but the obvious pattern of oversupply is more prominent, the willingness to cash in the high is eager, and the quotation is rapidly lowered with the fall of the plate
。 Intraday for most of the long order delivery last day, mainstream transaction to the current month ticket demand, this part of the quotation is still relatively strong, but most traders in the market can only issue the next month ticket, at the end of the month most enterprises are facing financial pressure, in the context of weak market transactions, the next month ticket quotation has been expanded all the way to flat water copper discount of about 180 yuan / ton, good copper discount of about
130 yuan / ton 。 Downstream consumption is particularly scarce, it can be seen that wet copper all the way from the discount of 220 yuan / ton to the discount of about 260 yuan / ton, there is still a lack of interest, although the market inquiry is active, but the buying interest is reduced, the willingness of holders to cash is strong, this week will be based on the pressure of inventory clearance, the willingness of the market transaction determines the extent
of the expansion of the spot discount this week.
In the afternoon session, the market has rarely heard of the source of goods with the current month's ticket, and the source of the next month's ticket occupies the mainstream, the discount has been further expanded, and the downstream consumption has not improved
.

In terms of stocks, as of June 22, COMEX copper stocks 225572 short tons, down 1,065 tons from the previous day; LME copper stocks were 305975 tonnes, down 1,700 tonnes from the previous day; As of June 25, the Shanghai Stock Exchange futures inventory was 141,650 tons, down 3,422 tons
from the previous day.

Industry news, June 23 news, data released by China's General Administration of Customs on Saturday showed that China's scrap metal imports in May fell 27.
7% year-on-year to 520,000 tons
.
The cumulative import volume of scrap metal from January to May was 2.
46 million tons
.
China's copper scrap imports in May were 210,000 tons, down 33.
3%
year-on-year.
The cumulative import volume from January to May was 950,000 tons
.

At present, yesterday's central bank's targeted RRR reduction released about 700 billion yuan, which is mainly used to improve the financing of
small and micro enterprises.
However, due to the divergence of monetary policy between China and the United States, it is expected that the benefits of this RRR cut will be limited
.
Codelco's second-largest copper miner plans to hold a strike, which also supports copper prices, which are expected to be supported at 51,000-52,000 yuan / ton on the pre-finishing platform
.
Focus on the macro news surface
.
FYI
.