The main force of Shanghai copper opened low and went high, and there is still some support at the 46,000 mark

Market focus, (1) The Asian dollar index came under pressure and weakened, now trading at 97.
404, down -0.
16%.

(2) China's refined copper production in May fell 5.
2% year-on-year to 711,000 mt, down 3.
9% month-on-month, according to data released by the National Bureau of Statistics on Monday; China's copper output was 1.
568 million tons, a year-on-year increase of 9.
9%, and the cumulative output from January to May was 6.
847 million tons, a year-on-year increase of 11.
7%.

(3) Chile's Chuquicamata copper mine maintained a 50% capacity utilization rate, and the strike has entered its fourth day
.

Spot analysis, on June 18, spot 1# electrolytic copper quotation 46330-46430 yuan / ton, the average price increased by 230 yuan / ton
from the previous trading day.
According to reports, the performance of Shanghai copper was stable, and on the first trading day after the change of month, because most of the holders had quoted on the 1907 contract on the previous day, the holders' quotations remained stable
.
Holders still have a price mentality, not eager to cut prices and sell goods, the market is still unstable, the transaction is deadlocked, but traders have the demand to deliver long orders during the week, looking for low-priced sources in the market, if the premium falls, the transaction may improve
.

Warehouse receipt inventory, Shanghai copper warehouse receipts totaled 67,179 tons on Tuesday, a daily increase of 602 tons; On June 17, LME copper stocks were 251,350 tonnes, down 1,075 tonnes
per day.

The main position, the top 20 long positions of Shanghai copper main 1908 contract were 69847 lots, an increase of 1628 lots, short positions were 92326 lots, an increase of 1200 lots, net short positions were 22479 lots, an increase of 133 hands daily, and the short atmosphere was still dominant
.

The main 1908 contract of Shanghai copper opened lower and higher during the day, but came under pressure below
the 10-day moving average.
The U.
S.
index weakened under pressure, coupled with the Chilean copper mine strike causing upstream supply concerns, boosting copper prices slightly higher
.
In terms of spot, holders still have a strong price mentality, not eager to cut prices and sell goods, the market is still unstable, and the transaction is deadlocked, but traders have the demand for delivery of long orders during the week, looking for low-priced sources in the market, if the premium falls, the transaction may improve
.
Technically, the main contract of Shanghai copper is still running below the moving average group, and there is still some support at the 46000 mark, and it is expected that the short-term will continue to be range-bound
.