Copper prices are below the moving average group and the rebound lacks momentum

In the external market, the Asian market London copper oscillated and rebounded, of which the 3-month LME copper reported 6824 US dollars / ton, up slightly by 0.
04% on the day, still stuck in the interweaving of moving averages, long and short trading repeatedly
.
In terms of positions, on April 12, the position of London copper was 318,000, an increase of 5,323 hands per day, and the increase in the position of London copper rose, indicating that after the decline in copper prices, the divergence between long and short increased, and bulls actively went long
on the dip.

On the macro front, the Asian dollar index rushed back down, now trading around 89.
68, initially running below the moving average group, and the downside risk increased
.
China ran a trade deficit in March for the first time
since February 2017.
China's exports fell 2.
7% year-on-year in dollar terms in March, while imports rose 14.
44%
year-on-year.
The market is focused on the Eurozone trade balance for February; The preliminary value of the University of Michigan consumer confidence index in the United States for April
.

In terms of industries, China's customs data showed that imports of unwrought copper and copper products in March were 444,000 tons, an increase of 94,000 tons or 26.
86% month-on-month, and also an increase of 14,000 tons or 3.
25% year-on-year; From January to March, the import volume of unwrought copper and copper products was 1.
234 million tons, an increase of 7.
3% year-on-year, and the data showed that China's copper import demand increased
in March.

In terms of the market, Shanghai copper opened low and high, still in the 50,500 yuan / ton first-line shock, morning market quotation premium 50-80 yuan / ton, following the previous day's downstream bargain harvest, intraday downstream buying slightly hesitant, transaction lag, quotation rapid downward, flat water copper quotation premium 30-40 yuan / ton
.
Although it was the weekend, the downstream stocking performance was just as good
as the previous day.
After 11 o'clock, the plate rose slightly, the next month inverted price spread widened to about 150 yuan / ton, close to delivery, widened the spread space, traders rose again, the quotation rose back to 50-80 yuan / ton, but the transaction response was not positive, waiting for the afternoon market performance, traders still expect a certain spread space
in April and before delivery.

During the day, the Shanghai copper 1806 contract oscillated slightly to 50520 yuan / ton, and the rebound lacked momentum
.
At present, copper prices are below the moving average group, and the Sino-US trade dispute has been repeated from time to time, and investors still need to be cautious
in operation.
In operation, it is recommended that the Shanghai copper 1806 contract can be sold high and low between 50300-51200 yuan / ton, and the stop loss is 350 yuan / ton
each.