Shanghai copper is weak and oscillating, turning slightly green during the day

On the macro front, the US core PCE price index recorded an annual rate of 4.
7% in May, the lowest since November last year, slightly lower than the expected 4.
8%, and down from the previous value of 4.
9%.

Most assets, including US stocks, the US dollar and gold, weakened yesterday, indicating that market liquidity is limited and asset prices are affected
by the Fed's continued tightening of monetary policy.

On the supply side, Chile's state-owned miner Codelco reached an agreement with workers on Thursday to end a nationwide strike
over the closure of the Ventanas smelter.
Community residents in the Peruvian Andes agreed to negotiate with the government and MMG on the highway used by the Las Bambas copper mine in Peru, and a "truce" that will last until this Wednesday
.
There has been no further severe disturbance at the overseas mine end, and although the domestic copper concentrate port inventory has fallen slightly, it still remains at a high level of 885,000 tons, so the domestic supply of the mine end may still be relatively abundant
.

In terms of consumption, due to the large decline in copper prices last week, resulting in a heavier fear of decline in downstream enterprises, and the current attitude of the central banks of major European and American economies to tighten monetary policy is still clear, which also makes the future demand outlook extremely pessimistic, so under such circumstances, the trend of copper prices may still maintain a relatively weak pattern, but the future market also needs to pay close attention to the receipt of downstream enterprises and the quotation of premium water, and it is not ruled out that after the sharp decline in prices, downstream demand gradually begins to recover after panic
。

In terms of stocks, LME stocks fell 0.
08 million tonnes to 123,800 tonnes
yesterday.
SHFE stocks rose 0.
09 million mt to 14,900 mt
.

Overall, the Fed's hawkish attitude remains firm, the market's concerns about the future economic outlook have further intensified, the colored sector has also been dragged down and shown lower, and the current demand outlook is difficult to say optimistic, so this operation is temporarily
dominated by a wait-and-see attitude.