April 19 copper market morning review

In terms of the market, on April 18, Shanghai electrolytic copper spot reported a discount of 120-60 yuan / ton, and the transaction price of flat water copper was 36630-36830 yuan / ton
.
After the change of month, the supply of imported copper was sufficient, and the willingness of holders to ship today was strong, so that the discount gradually expanded on Monday morning, but it did not reach the market psychological price
.
Downstream and middlemen are mainly wait-and-see, waiting for the release
of cheap sources.
The overall transaction of the market is light, and the oversupply is obvious, showing the characteristics of
Monday.

Stocks: As of April 18, LME copper stocks reported 147275 tons, down 700 tons from the 15th, still close to the low set on August 19 last year; As of April 15, the previous Shanghai copper inventory reported 331942 tons, a sharp decrease of 28,983 tons per week, a four-week consecutive decline, indicating a slight decline in the overall domestic supply pressure in the short term
.

Industry information: It is reported that the recent heavy rains in central Chile have led global miner Anglo American Group and Chile's largest copper producer Codelco to suspend the operation of two large copper mines, of which Codelco said that the suspension will cause the loss of copper output of its El Teniente mine by 5,000 tons
.

Overall, the overnight Shanghai copper oscillation strengthened, benefiting from the weakening of the US dollar index, while China's 70 large and medium-sized cities continued to stabilize house prices in March, further verifying the positive changes in China's economy, in addition to the decline in copper inventories in the previous period, it is expected to continue to give bulls confidence
.
In terms of operation, it is recommended that the Shanghai copper 1606 contract can be backed above 36,300 yuan to bargain hunt and short, and the target reference is above
37,500 yuan.