Shanghai copper rushed back down and the short-term decline risk is greater

In the external market, today's Asian Lun copper fell under pressure, sharply cutting overnight gains, indicating that the short-term rebound was blocked, of which the 3-month London copper fell 0.
47% to 4533 US dollars / ton, so that copper prices have not effectively broken through the upper moving average suppression
.

Macro: Asian market dollar index oscillation rebound, basically recovered overnight losses, now trading around 94.
6, as this week focused on the Fed interest rate meeting, and because the UK will announce the Brexit referendum results next week, before the market risk aversion is high, the dollar index pullback range or limited, still expected to oscillate rebound, not conducive to base metals higher
.

Market: On June 14, Shanghai electrolytic copper spot reported a premium of 50-110 yuan / ton, and the transaction price of flat water copper was 35500-35620 yuan / ton
.
Copper quotations were high in early trading, but due to the scarcity of inquiries and the eagerness of holders to exchange cash at a high level before delivery, the current copper premium fell faster, and further suppressed transaction activity
.
Before closing, the market turns bearish and at a
bullish premium.
The intraday market supply was further amplified, the transaction was significantly light, and the middlemen and downstream were cautious, waiting for the post-delivery opportunity
.

Overall, today's Shanghai copper 1608 contract soared back down to 35110 yuan / ton, mainly suppressed by China's bearish economic data and the strengthening of the US dollar index, which was in the middle
of base metals.
At the same time, technically, the downward trend of Shanghai copper is obvious
.
It is recommended that the Shanghai copper 1608 contract can be cautiously short below 35,700 yuan, and the first target is around
34,500 yuan.