Copper market trading is relatively light, copper prices continue to fluctuate

On the macro front, as the defaults of China Investment Securities and Zhongrong Cash Profit Enhancement shocked the market, the pressure of selling cash securities increased sharply, and the capital situation tightened again or brought pressure
to the market.
Although the latest durable goods orders and annualized new housing data are mixed, the market still believes that the recovery of the US economy is good, and expectations for the Fed's balance sheet reduction are still being strengthened
by Fed officials.
In addition, the ECB announced that it would leave the three major interest rates unchanged and adjust the monthly QE scale to 60 billion euros
according to the previous plan, as the market expected.

In terms of the market, as of the last trading day of April, LME inventories decreased by a total of 7,825 tons to 261,000 tons, and the average weekly discount of the LME spot market narrowed, with the weekly average of the LME spot discount of $27.
06, narrowing from the discount of $30.
75 last week
.
The domestic spot market turned to a discounted state during the week, and there was a pre-holiday reserve in the downstream of the May Day holiday, and the volume of incoming goods increased, and the transaction activity improved
accordingly.
The spot trade import window continued to be closed, but the import loss was modest, and the Yangshan copper premium rose twice, from $50 at the beginning of the week to $55
.

Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds and risk aversion increase the macro pressure, the downstream in the consumption season has always been limited, but tend to short-term terminal consumption still has a supporting effect on copper prices, if there is no substantial negative factors, the transaction is still treated with shock ideas for the time being
.