MondayShanghai CopperThe main contract 1707 surged and fell, showing a weak rebound. It traded at 45460-44860 yuan/ton in the day and closed at 45240 yuan/ton in late trading, a slight drop of 0.2 per cent per day. Shanghai Copper fell below the main moving average group, showing that the long-short competition is dominated by the short side, and the downside risk still exists. In terms of term structure, the copper market maintained a positive alignment of near low and far, and the positive spread between the Shanghai copper 1706 contract and the 1707 contract narrowed to 40 yuan/tonne.

Asian Lun copper pressure continued to fall, of which the 3-month Lun copper operating range of 5674-5644 U.S. dollars/ton, down 1.22 to 5618 U.S. dollars/ton, the decline has expanded, its upper rebound resistance focus on M60, that is, 5720 U.S. dollars/ton, the current copper price fell below the moving average group, the risk of decline increased. In terms of positions, on June 1, Lun Copper's positions were 331000 hands, increasing by 1296 hands. Last week, Lun Copper continued to reduce its positions, showing that long and short positions were reduced and leaving the market, and the popularity of the copper market was sluggish.

Overnight, the U.S. dollar index continued to fall under pressure, and the Asian market was trading near 96.7, hitting a new low of more than six months. As the number of non-agricultural employment in the United States increased by 138000 in May, which was lower than the 185000 expected by the market, the unemployment rate fell to 4.3.%, lower than the previous value of 4.4%, and hit a 16-year low. This Thursday focuses on the ECB's interest rate and the UK elections. In the copper industry, the United States imported about 50398 tons of cathode copper in April, an increase of 10739 tons or 27 percent year-on-year, and imported 247948 tons in January-April, an increase of 54688 tons or 28.3 percent year-on-year; the United States exported 25184 tons of cathode copper in the same period, a decrease of 41891 tons or 62.5 percent year-on-year.

On June 5, Shanghai Electrolytic Copper in stock reported a discount of 20 yuan/ton -20 yuan/ton for the current month's contract, with flat copper trading price of 45190-45240 yuan/ton and copper trading price of 45210-45260 yuan/ton. The holders want to pull up the water, push up the current copper to reproduce a small water price, but the early part of the imported copper arrival, the market import low-end copper proportion increased, especially wet copper performance is obvious, and flat copper to open the price difference, middlemen to short flat fast, active operation enthusiasm decreased, downstream on-demand pick-up, the market highlights Monday characteristics.

In the day, the Shanghai copper 1707 contract was weak to 45240 yuan/ton. In the short term, Shanghai Copper is still suppressed by the upper moving average, and the risk of decline still exists. In operation, it is suggested that it can be changed from oscillation to short. The Shanghai Copper 1707 contract can be backed up to 45800 yuan to meet the high altitude. For admission, please refer to the vicinity of 45400 yuan. The target is 44500 yuan.