The weakness of short-term terminal consumption is difficult to change or a drag on copper prices

China and the United States will meet again during the G20 summit, and investors are hoping that trade frictions may make a breakthrough, and investors' risk sentiment has returned
.
During the week, the Fed joined major global central banks such as the European Central Bank and the Reserve Bank of Australia in saying it needed more stimulus, signaling that it would cut interest rates as early as next month to support weak economic growth, triggering a sharp decline in the dollar index to refresh a two-week low, boosting copper prices to the upside
.

In terms of the market, Shanghai copper operated
strongly during the week.
The average weekly settlement price of the 1907 contract in the current month was 46548 yuan / ton, an average daily increase of 88 yuan / ton; The average price of the previous week was 46,400 yuan / ton, up 0.
32%
from the previous week.
Shanghai copper stocks continued to degrade during the week, decreasing by 4,809 tons to 134747 tons, a decrease of 3.
45%, and a cumulative decline of 48.
45%
in the past 12 weeks.

Stocks, weekly copper stocks returned to dematerialization, with a cumulative decrease of 6,375 metric tons to 246,050 metric tons, a decrease of 2.
53%.

Copper Market News:

Ivanhoe Mines announced that the first phase of its Kamoa-Kakula copper mine in Democratic Republic of Congo is producing 6 million tons of ore a year, and that mine construction is progressing "quite well.
"
After CITIC Metal agreed to invest an additional $459 million in Ivanhoe, the project's underground mine development work has accelerated and is now nearing high-grade ore
.

Chile's Chuquicamatamine union called on its members to reject a wage offer
from Codelco, the world's largest copper producer.
The nearly week-long strike has halved the sizable
mine's output.
Chuquicamata, one of Codelco's major copper mines, faces the challenge of maintaining production, and the opencast coal mine is undergoing a complex underground shaft renovation project that costs more than $5 billion, meaning layoffs
in parts of the mine.

Looking forward to the future market, in June, copper smelter maintenance is nearing the end, refined copper supply is expected to rebound, although the extreme pattern of mine supply continues, but whether refining production is affected needs to be verified by import data; The import arbitrage window micro-open refinery has continuous import momentum, and foreign miners may further reduce the processing fee
of spot copper concentrate.
The weak situation of short-term terminal consumption is difficult to change, domestic sales of air conditioners in May fell slightly year-on-year, terminal demand is still relatively flat, while the decline in automobile production and sales has expanded, and domestic demand pressure still exists
.
At present, the Chilean copper mine strike has caused supply concerns and supported the bottom of copper prices, but the speed of destocking has slowed down, and the sluggish downstream consumption may drag down copper prices, and copper prices are expected to fluctuate next week
.