Last Friday, the main 1708 contract of Shanghai Copper opened at 45740 yuan/ton. In the morning, the copper price continued to consolidate around 45780 yuan/ton. In the afternoon, the copper price began to rise to 46000 yuan/ton, closing at 45930 yuan/ton. On the Dayang line, the warehouse was increased by 1722 hands to 221000 hands, and the trading volume increased by 72000 hands to 281000 hands. During the day, Shanghai copper continued to go higher, fully standing on the Brin Road middle rail, the trend is strong, is expected to continue to go higher in the short term, close to the Brin Road upper rail, with the rise of the outer plate.

Last Friday, Luntong opened at US $5743/ton. After the opening, the copper price fluctuated around the daily moving average. In the afternoon, the copper price began to rise. After touching as high as US $5806/ton, it fell back under pressure on the upper rail of Brin Road. As of 17:22, Luntong reported US $5769.5/ton. Nilun copper pull up, the upper pressure is greater, the expected correction is mainly.

As of June 8, COMEX copper stocks were 160298 short tons, 878 short tons more than June 7; LME copper stocks were 286350 tons, 7875 tons less than June 7; as of June 9, SSE futures stocks were 59724 tons, 100 tons less than the previous day.

Shanghai copper rose sharply, the market part of the hedging plate is set, the holders to make up for losses continue to raise the current copper premium offer, some middlemen to pull the cost, into the market to receive goods, imported wet copper is still lack of people, the offer is difficult to improve, and flat copper to maintain a large price difference, downstream in the copper price rose after the performance of caution, the transaction reappeared cautious. In the afternoon, the disk rose, the market turnover was light, and the premium was somewhat loose. Flat copper reported a premium of 20 yuan/ton-flat water, good copper reported a premium of 20 yuan/ton, and the transaction price was 45610 yuan/ton -45740 yuan/ton.

At present, the main supporting factor for the rebound in copper prices during the week is the continuous decline in LME inventories, which fell 15% in 14 trading days. In addition, copper imports increased by 30% month on month in May, which reflects that China's demand is not too bad. But macro risks exist next week, with the Fed raising interest rates and the MPA assessment of domestic banks continuing to suppress overall commodities, focusing on the 46000 integer level of pressure.