Bears still dominate the market Copper prices may continue to struggle in the short term

In the external market, the first round of the French election result Le Pen and Macron won, the euro jumped, the dollar passively fell, which boosted London copper opened higher at $5672 / ton
.
At the beginning of the Asian session, London copper briefly touched 5686.
5 US dollars / ton after encountering a short increase, London copper fell sharply to around 5640 US dollars / ton, although there was a counterattack at the low level but the bears were strong, the morning session was suppressed below the daily moving average, the afternoon short cover back, London copper back up, the European session copper price around the daily moving average consolidation, as of 17:50, London copper reported 5659 US dollars / ton
.
Intraday copper opened high and low, giving back the support brought by the low opening of the US dollar, and the pressure on the 10-day moving average on the disk was obvious, continuing to fall into the 5-10-day moving average between the shock finishing
.

On the macro front, the Eurozone preliminary manufacturing PMI came in at 56.
8 in April, beating expectations of 56 and hitting a six-year high, as Germany and France maintained their recovery on the back of strong demand and employment
.
Zhou Xiaochuan, governor of the central bank, said at the IMF meeting on the 21st that China can achieve the growth target of 6.
5% this year, China's financial risks are controllable, and the future monetary policy will remain "stable and neutral"
.
At present, the moderate recovery of the global economy is still good, and the macro environment in which copper prices are located is relatively mild
.

In terms of the market, Shanghai copper fell slightly, some imported copper has entered the domestic market, warehouse receipts continue to flow into the market, all impact the supply of copper now, coupled with weak consumption at the beginning of the week, the current copper premium has narrowed all the way, flat water copper and wet copper began to actively reduce the premium shipment, the premium still has room to be lowered, speculators have little operation, the downstream maintains a state of demand, and the supply pressure has increased
sharply.
In the afternoon, the source of goods in the spot market continued to increase, flat water copper reported a premium of 10 ~ 30 yuan / ton, a premium copper reported a premium of 30 ~ a premium of 50 yuan / ton, and the overall transaction price rose slightly to 45770 ~ 47930 yuan / ton
.
The market returned to the pattern of oversupply and demand, and the transaction was average
.
As the end of the month approaches, coupled with the increasing supply pressure, the current copper premium state may not be sustainable
.

In terms of industry, according to foreign news sources, Indonesian trade ministry officials said that Indonesia has issued 1.
11 million wet tons of copper concentrate export license to the free port, which is valid until February 16 next year
.
Freeport plans to resume Grasberg copper concentrate exports
within a week.
However, the market has long digested the problem of freeport export restrictions and recovery, and the impact is expected to be limited
.

On the whole, the macro environment is relatively mild, although the downstream has always had limited access to the market during the peak consumption season, but there are no substantial bearish factors in the market in the short term, and the transaction is still treated
with a shock idea for the time being.