The main force of Shanghai copper rose sharply, and the market trading situation was average

Market focus: (1) The number of new non-farm payrolls in the United States increased by 850,000 in June, far exceeding market expectations of 720,000.

However, the US unemployment rate was 5.
9% in June, which was less than the market expectation of 5.
6%.

(2) On July 2, China's copper ore processing fee TC was 44.
5 US dollars / dry ton, up 0.
4 US dollars / dry ton from last week, an increase of five consecutive weeks
.

Spot analysis: On July 5, spot 1# electrolytic copper quotation 68460-68860 yuan / ton, the average price of 68660 yuan / ton, daily increase of 635 yuan / ton
.
The sentiment of the holders is high, the downstream just needs to buy, and the trading situation is general
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 92,096 tons, a daily decrease of 4,838 tons, a decrease of 14 consecutive days; LME copper stocks were 211,950 tonnes, down 25 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2108 contract 75337, +1303, short positions 76500, +2335, net positions -1163, -1032, long and short increased, net space increased
.

Market research and judgment: the US non-farm payrolls data in June showed a slight increase in the unemployment rate, the Fed lacked enough reasons to accelerate the reduction of the balance sheet, and the US dollar index fell under pressure; However, the epidemic continues to spread in the UK, and the risk of the spread of the Delta coronavirus variant increases, triggering risk aversion
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved
.
However, the recent increase in refinery maintenance, coupled with the basic closure of the import window, copper production and imports have declined, so domestic inventories maintained a decline during the off-season, inventory digestion was better than expected, and copper prices stabilized at a low level
.