June 17 Shanghai copper brief commentary

On the supply side, BHP's copper mine strike has been going on for two weeks, and it is believed that at least a preliminary agreement
can be reached between labor and management this week.
Demand-side fine copper rod enterprises are still sluggish, and some enterprises are struggling on the profit and loss line due to the decline in capital turnover rate due to high copper prices
.
If copper prices fluctuate within a reasonable range, the demand side will remain strong in the second half of the year, and the backlog of orders will eventually be released
.

Overnight Fed minutes settled, the strong recovery of the US economy coupled with increased expectations of interest rate hikes, and the rise in the dollar index suppressed the overall price of
non-ferrous metals.
Domestically, the National Development and Reform Commission's National Reserve Bank sold goods to control the rise in copper prices, and will strictly monitor price trends in the future, adding additional pressure
on Shanghai copper.
At present, Shanghai copper has entered the traditional consumption off-season, copper price momentum is weak, it is expected that Shanghai copper will maintain a weak bottom in the near future, and the upper pressure level is around
6.
9-69,500.
In operation, the merchant mainly has empty warehouses and empty orders; Downstream stocking maintains rigid needs, and takes
them as they go.