Shanghai copper shock rebound, the willingness to fall weakened

Macro: The Asian dollar index is weak to the downside, now trading around 94.
4, the market is currently focused on next week's Brexit referendum results, and the latest five polls all show that the Brexit camp is leading, and the assassination of British Labour MPs has increased the uncertainty of the referendum, stimulating high risk aversion in the market
.

Market: On June 17, Shanghai electrolytic copper spot reported a premium of 80-120 yuan / ton, and the transaction price of flat water copper was 35530-35610 yuan / ton
.
The current copper discount report is basically unchanged
from yesterday.
Today, flat water copper continues to be sold at a high price, the low price flat water copper supply of 80 yuan / ton is limited, good copper maintenance reported premium 110-liter water 120 yuan / ton, some traders receive long orders, prefer flat water copper and wet copper
.
Downstream purchases are rare, and transactions are still concentrated among
traders.
Although the inquiry atmosphere is strong, the transaction is still weak
.

Industry: China's refined copper production in May was 680,000 mt, slightly down from 694,000 mt in April and the third consecutive monthly decline, but well above the 603,500 mt
in the same period last year.

Overall: today's Shanghai copper 1608 contract oscillation rebounded to 35560 yuan / ton, for the fifth consecutive day into a low oscillation, indicating that copper prices are weakened, and at the same time boosted by the government's strengthening of non-ferrous metals to eliminate backward production capacity and possible establishment of commercial storage and other news, the short-term correction range of copper futures may be limited
.
Operationally, it is recommended that the Shanghai copper 1608 contract be cautious and short above 35,000 yuan
.