Shanghai copper short-term shock view waiting for the direction is clear

During the Asian session, London copper fluctuated trend, the latest quotation at 15:01 Beijing time was 9385 US dollars / ton, down 60 US dollars, or 0.
64%.

In terms of the market, today's domestic spot copper prices rose, 1# copper price was 68850 yuan / ton, up 270 yuan, premium 150-liter 210; Guangdong spot 1# copper price was 68720 yuan / ton, up 340 yuan; Yangtze River spot 1# copper 68930 yuan / ton, up 320 yuan, premium 240-liter 260; Shanghai spot 1# copper price was 68880 yuan / ton, up 370 yuan
.

In the spot market, buying sentiment has picked up, downstream to maintain just consumption, and the overall trading atmosphere is acceptable
.
The Fed's policy expectations are wavering, China's National Council will mention the RRR cut again, domestic and foreign monetary policies have diverged, macro market sentiment is strong, and the demand for new energy industry chain continues to be strong, forming an effective support
for copper prices.

The Fed meeting showed that "multiple" Fed officials believe that those conditions
for the start of reducing QE will be fulfilled ahead of schedule.
Officials want to reduce QE "as a prudent plan.
"
Spot premiums held firm on Wednesday, and downstream bargain buying was active
after copper prices recovered.
According to mid-term data, vehicle sales in June are expected to reach 1.
926 million units, down 9.
5% m/m and 16.
3%
y/y.
Cumulative sales in the first half of the year are expected to reach 12.
801 million units, up 24.
8%
y/y.
Slowing auto production could drag copper demand growth
.
Technically, copper prices are stuck in a low range, short-term shocks are treated, waiting for the direction to be clear
.