Domestic demand is relatively weak, and short-term copper prices remain under pressure

Gold ten futures on June 6, according to Minmetals futures analysis, the US employment data is lower than expected, overnight US stocks rose, copper prices fell after stabilizing recovery, yesterday London copper closed up 0.79% to $10006/ton, Shanghai copper main contract closed to 80,720 yuan/ton. At the industrial level, LME inventories increased by 1050 to 120,000 tons yesterday, the increase mainly from Asian warehouses, the proportion of cancelled warehouse receipts rose slightly to 4.7%, Cash/3M discount of $119.3/ton. On the domestic side, the spot discount in Shanghai narrowed by 25 to 45 yuan/ton yesterday, and downstream orders on the disk were significantly improved. Transactions improved. Holders are optimistic about future consumption growth. In terms of import and export, the domestic copper spot import lost about 400 yuan/ton yesterday, and the Yangshan copper premium rebounded. In terms of scrap copper, the domestic refined scrap price difference narrowed to 2340 yuan/ton yesterday, and the scrap copper substitution advantage decreased. At the price level, copper futures continued to reduce positions. After the domestic economic support policy was implemented, the market's attention turned to actual supply and demand. At present, due to the increase in overseas inventories, the domestic demand is relatively weak, and there is still pressure above the short-term copper price.