Macro sentiment is biased towards optimism Copper prices are expected to continue to be volatile today

Last night, London copper closed at 5508.
5 US dollars / ton, down 0.
18%, with a volume of 16,000 lots, and short positions increased by 576 lots to 269,000 lots; the Shanghai copper 2007 contract closed at 44,830 yuan / ton, up 0.
61%, with a volume of 92,000 lots, and a short position of 1,576 lots to 102,000 lots
.
Last night, copper prices were volatile, and copper fluctuated around and down at $5,500 / ton, mainly because after the rise in copper prices in the early stage, the market took into account geopolitical and domestic risk events in the United States, and suspended bullish sentiment
on copper prices.

In terms of macro bullish news:

1) EIA crude oil inventories in the United States fell by 2.
077 million barrels in the week to May 29, compared with an expected increase of 3.
038 million barrels and an increase of 7.
928 million barrels
in the previous month.
In the United States, ADP employment fell by 2.
76 million in May, compared with an expected decrease of 9 million, and the previous value was revised from a decrease of 20.
236 million to a decrease of 19.
557 million
.

2) Caixin China's services PMI recorded 55 in May, up 10.
6 percentage points from April, the first time since February to be in expansion territory and the highest since
November 2010.
The Caixin China composite PMI rebounded 6.
9 percentage points to 54.
5 in May, the first expansion since February and the highest since
February 2011.

In terms of macro bearish news:

3) It is reported that OPEC+ members Iraq and Nigeria are not in line with the agreed production cuts, Saudi Arabia and Russia are dissatisfied, and the meeting scheduled for June 9-10 may also be canceled
.
Saudi Arabia and Russia proposed that the condition for extending the cuts by one month is that other members must commit to strictly implement the cuts and make up for the previous non-compliance
.

At present, macro sentiment is still optimistic, the Dow Jones index closed up 1.
63 percentage points yesterday, and gold prices fell back to around $1700, indicating that the market is still confident
in the reopening of overseas economies.
From a technical point of view, the KDJ indicator opening narrowed, the upward momentum was slightly insufficient, and copper prices are expected to continue to fluctuate
today.