Commodities generally weakened and the copper market performed sluggishly

In terms of external trading, London copper opened at 5759.
5 US dollars / ton, after the opening London copper consolidated around the daily average of 5758 US dollars / ton, intraday rushed to 5768.
5 US dollars / ton, and then China announced that March CPI 0.
9% year-on-year, down 0.
3% month-on-month, copper prices low below the daily moving average, backed by the daily average consolidation, in the afternoon China Banking Regulatory Commission issued document No.
45, 46 in succession, rectifying "three violations, three arbitrage", strengthening the construction of supervision and management system, London copper continued to decline, probing as low as 5698 US dollars / ton, After finding support at the integer mark, it was revised upwards before consolidating around $5715/mt, with London copper trading at $5711/mt
at 17:30.
Intran copper continues to decline in the form of geopolitical crisis and the strengthening of supervision and management of the CBRC, only one step away from the lower track of Bollinger Road, the atmosphere of the market is empty, or running to the lower track of Bollinger Road, pay attention to the weekly MBA mortgage application activity index in the United States, the speech of the 2017 FOMC voting committee Kaplan, etc
.

On the macro front, the president of the San Francisco Fed said that it may take about five years for the Fed to reduce its balance sheet, possibly partially ending the reinvestment of its balance sheet, but continuing to hold other assets
for a period of time.
In addition, after the British and American accused Syria of the Syrian issue, Russian President Vladimir Putin made a tough response on the same day, saying that he hoped that the United Nations would investigate the Syrian chemical weapons attack
.
The situation in Syria remains tense
.
Domestically, data released by the National Bureau of Statistics showed that China's CPI in March was 0.
9% year-on-year, lower than the expected 1%, and CPI rebounded slightly year-on-year, mainly affected by rising non-food prices such as health care and housing
.
China's PPI in March was 7.
6% year-on-year, slightly higher than the expected value of 7.
5%, and the producer price index PPI began to fall after five consecutive months of expansion, and the analysis believes that the PPI inflection point has appeared, and the PPI may fall further year-on-year after March
.

On the industrial front, after a lengthy meeting Monday night, union representatives and Southern Copper Peruvian executives failed to reach an agreement on ending the indefinite strike, which is ongoing
.
According to data released by Buenaventura, the company expects copper production from Cerro Verde to reach 500,000-550,000 tons in 2017 and 5.
5-65,000
tons for El Broncal.

In terms of the market, the Shanghai copper flat finishing, the current copper premium is basically the same as the previous day's level, good copper goods are cheap, the basis of the next month is further narrowed, inhibiting the enthusiasm of speculators to trade, supply pressure is still there, brands are diversified, downstream on-demand delivery, lack of transactions, pay attention to the basis change
of the next month before delivery.
In the afternoon, the market continued to test lower, but the market transaction has not improved, the holder is unable to support the price, the quotation is the same as in the morning, flat water copper reported flat water - 20 yuan / ton, good copper reported 20 yuan / ton - 50 yuan / ton, the transaction price is 46220 yuan / ton - 46500 yuan / ton
.

Overall, the worries caused by supply disruptions have gradually dissipated, and although the copper market is in the peak season, the downstream has never seen obvious entry into the market, and the transaction is temporarily treated
with a shock idea.
The U.
S.
price index will be released on Friday evening Beijing time, waiting for more guidance
on news.