Copper gap downward compensated for decline, dragged down by the trend of the external market

In terms of external trading, London copper opened at 6771.
5 US dollars / ton, operating along the daily moving average at the beginning of the session, climbing upward to 6830 US dollars / ton after the opening of the Asian market, moving up away from the daily moving average, touching 6839 US dollars / ton
.
It fell slightly in the afternoon and recovered steadily after testing a low of $6810.
5 / ton
.
After entering European time, the rally ended, touching higher than $6856 / ton
.
After the center of gravity fell, it tested 6813.
5 US dollars / ton, and ran
along the daily moving average.

In terms of the market, during the May Day holiday, London copper fell below 6800 US dollars, the opening Shanghai copper made up for the decline, more than 500 yuan / ton fell from before the holiday, the holiday returned, the first trading day of May, the holder still tried to raise the price, the initial quotation discount 20 yuan / ton ~ premium 20 ~ 30 yuan / ton, but the response was weak and the buying was weak, the holder gave up the price, lowered the quotation shipment, good copper took the lead to drop to flat water ~ 10 yuan / ton line, flat water copper fell to a discount of about 40 yuan / ton, the transaction gradually improved
。 The intraday market rushed to cash out because of the pre-holiday buying and selling period to make a big profit, and the trading contribution mainly came from the dip replenishment of some traders
.
On the first trading day after the holiday, the performance of the futures market was still unstable, the spot quotation was rapidly reduced, and whether the spot quotation could stabilize was determined by the holder's ability to raise prices and the willingness to
cash out.
In the afternoon session, with the upward movement of the market, it is still difficult for holders to expand the water downward, and it is still difficult to attract traders, and the downstream still maintains a wait-and-see attitude, and the market activity is poor
.

In terms of stocks, copper stocks in the COMEX period 247754 short tons as of May 1, down 990 tons from the previous day; As of April 27, LME copper stocks were 342,250 tons, down 4,050 tons from the previous day; As of May 2, SSE futures inventories were 145,510 tons, an increase of 305 tons
from the previous day.

Industry news, foreign news on April 27, the International Copper Research Group (ICSG) said that the global copper market is expected to have an oversupply of 43,000 tons in 2018 and a supply shortage of 331,000 tons in 2019
.

Overall, China's Caixin manufacturing report in April was higher than expected, which was positive for copper prices
.
At present, consumption has improved, and inventories have declined, in line with seasonal characteristics, which has supported copper prices
.
However, in the short term, there is no driving factor for a sharp rise, and its trend still gradually follows the verification
of macro and demand.
Sino-US trade negotiations are imminent, easing sentiment is good for the copper market
.
It is expected that the main shock of Shanghai copper will be strong in the near future, and pay attention to the negotiation results and follow-up
.
FYI
.