The main force of Shanghai copper fluctuated more, continuing the low consolidation

Market focus: US non-farm payrolls rose by 224,000 in June on Friday, higher than the expected 165,000, and the previous value was revised to 72,000 from 75,000, indicating that the US is still in an economic cycle
.
China's foreign exchange reserves in June were $3,119.
23 billion, higher than expectations of $3,103 billion
.
Chile's economic activity rose 2.
3 percent in May from a year earlier, but copper production fell 1.
2 percent to 492322 tonnes in May, mainly due to a continued decline in ore taste, indicating a grim
situation in Chile's mining sector, the central bank said on Friday.

Spot analysis, on July 8, spot 1# electrolytic copper quotation 46340-46480 yuan / ton, the average price of 46410 yuan / ton, down 55 yuan / ton
from the previous trading day.
In the morning, the market still has a strong price sentiment, the market buying performance is cautious, it is difficult to have a transaction, good copper and flat water copper holders give up the price, there is an active price reduction trend, still weak transactions
.
Entering the second trading stage, the buyers were not strong and the holders were forced to lower their quotations, and downstream market entry was scarce
.
Spot consumption is weak, high premium water has inhibited market transactions, holders actively reduce shipments in order to seek transactions, and some traders in the market still replenish at low prices, but the purchase volume has shown a significant decline
.

Warehouse receipt inventory, the total number of Shanghai copper warehouse receipts on Monday was 60,231 tons, a daily increase of 935 tons; On July 5, LME copper stocks were 302975 tons, an increase of 31,450 tons per day; As of the week ended July 5, the stock of copper cathode on the Shanghai Futures Exchange was 140904 tons, down 5,115 tons
per week.

Main positions: Shanghai copper main 1909 contract top 20 long positions 67309 lots, daily increase of 1358 lots, short positions 77190 lots, an increase of 1272 lots, net short positions 9881 lots, daily decrease of 86 lots, long and short increased, net space decreased
.

On July 8, the main 1909 contract of Shanghai copper fluctuated more
.
The US non-farm payrolls data significantly exceeded expectations, weighing on the market's expectations of the Fed's interest rate cut, the US index rebounded to the upside, while downstream copper prices continued to decline, showing weak demand, putting pressure on copper prices, while upstream copper processing fees TC continued to decline, increasing copper mine supply concerns, supporting copper prices
.
In terms of spot, spot consumption is weak, high premiums inhibit market transactions, holders actively reduce shipments in order to seek transactions, and some traders in the market still have to replenish at low prices, but the purchase volume has shown a significant decline
.
Technically, the 5-day moving average of the Shanghai copper main 1909 contract shadow line, the green column of the daily MACD indicator increased slightly, and the short-term shock adjustment
is expected.