Copper rushed back down and performed weaker than other base metals

The 3-month LME copper fell 0.
49% to $4,782 / ton at the close of the Shanghai copper market, down 0.
87% from the intraday high of $4,822 / ton, indicating that there is some selling pressure above, but at present, London copper is still effectively stabilized above M60, the short-term rebound pattern has not been completely reversed, and the technical support below focuses on $4700 / ton
.

Macro: The Asian dollar index fell slightly under pressure and is now trading around 94.
6, while U.
S.
crude oil futures continue to digest the bearish pressure caused by the abortion of the Doha frozen production agreement, and base metals are dragged back down
.
In addition, among China's 70 large and medium-sized cities in March, the number of residential sales prices rose more than last month, 62 rose, 8 declined, and the overall increase expanded, which to some extent improved China's copper market demand expectations in real estate, partially offsetting the pressure on falling oil prices
.

Market: On April 18, Shanghai electrolytic copper spot reported a discount of 120-60 yuan / ton, and the transaction price of flat water copper was 36630-36830 yuan / ton
.
After the change of month, the supply of imported copper was sufficient, and the willingness of holders to ship today was strong, so that the discount gradually expanded on Monday morning, but it did not reach the market psychological price
.
Downstream and middlemen are mainly wait-and-see, waiting for the release
of cheap sources.
The overall transaction of the market is light, and the oversupply is obvious, showing the characteristics of
Monday.

Industry: It is reported that the recent heavy rains in central Chile have caused global miner Anglo American and the world's largest copper producer Codelco Chile to suspend the operation of two large copper mines, of which Codelco said that the suspension will cause a loss of 5,000 tons
of copper output in its El Teniente mine.

Overall, the fine-tuning of the Shanghai copper oscillation during the day was partially weighed down by the heavy setback in oil prices, while the net space of the US copper CFTC speculative fund further increased, which also suppressed the confidence of bulls, but China's real estate data performed relatively strongly, giving copper prices some support, making its trend oscillating
.
It is recommended that the CU1606 contract still hold cautiously at 36,300 yuan before it significantly falls below the rebound pattern, and the target reference is above
37,500 yuan.