Copper prices are still running at the intersection of major moving averages, and the height of the rebound needs to be viewed with caution

In the external market, the Asian market copper oscillated and rebounded, of which the 3-month LME copper reported 6832 US dollars / ton, up 1.
15% on a daily basis, hitting a high since March 19 this year, and up 4.
59%
from the low of 6532 US dollars / ton in this round of correction.
In terms of positions, on April 5, the position of London copper was 304,000, a daily decrease of 1,367 lots, and last week Lun copper increased its position oscillation, indicating that the long-short divergence increased after
the decline in copper prices.

In terms of the market, on April 9, Shanghai electrolytic copper spot contracts reported a premium of 60 yuan / ton - 120 yuan / ton of premium, and the trading price of flat water copper was 50320-50460 yuan / ton
.
Shanghai copper continues the pattern of near strength and far weakness, still shows the interest margin space brought by the decline in the VAT rate from May 1, even if the price difference is inverted by about 100 yuan / ton every other month, the space brought by the tax reduction is still 300-400 yuan / ton profit margin, at the beginning of the opening of the holders, the holder is crazy to pull up the premium, - traders and downstream market inquiry is actively active, can be received at a low price, the actual transaction is more in the premium 70-100 yuan / ton
.
In the second trading session, the market rose, the contract of the month was almost 50,400 yuan / ton, the transaction was deadlocked, after 11 o'clock, some holders were more willing to cash and took the initiative to lower the quotation
.

On the macro front, the Asian dollar index edged higher and is now trading around 90.
16, still running at the intersection of moving averages, as US non-farm payrolls in March were much worse than expected
.
In the absence of key events during the day, market trading may tend to be light
.
In terms of industry, it is reported that Japan's largest copper smelter, Japan's Pan Pacific Copper, said that the company plans to produce 300,000 tons of refined copper between April and September, an increase of 15%
over the same period last year.

The Shanghai copper 1806 contract rebounded to 50,750 yuan / ton during the day, partly boosted by technical rebound demand, but the current copper price is still running below the main moving average group, and the Sino-US trade dispute has been repeated from time to time, and investors still need to be cautious
.
In terms of operation, it is recommended that the Shanghai copper 1806 contract can be sold high and low between 50500-51500 yuan / ton, and the stop loss is 350 yuan / ton
each.