Domestic demand improved and copper prices were temporarily supported

In terms of external trading, London copper opened at 6925.
5 US dollars / ton, and the first line of 6941.
5 US dollars / ton was blocked and fell back, finishing at 6925 US dollars / ton line
.
In the afternoon, the center of gravity moved up, based on 6935 US dollars / ton and rushed again, and the upper part was blocked by the intraday high of 6957 US dollars / ton
.
Entering the European session, the rally ended, and a narrow range of 6930-6950 US dollars / ton was done
around the daily moving average.
At 16:00, LME stocks were announced, and London copper stocks increased by 8,900 tons
.
London copper temporarily ended the two-week inventory decline, London copper responded to the rapid downward trend, tested down 6878 US dollars / ton, the decline stopped slightly, and temporarily found support
at the 5-day moving average.
As of 17:30, it was quoted at $6878/ton, down $43/ton
.

In terms of the market, Shanghai copper above 51,000 yuan / ton remained high, the basis narrowed to about 170 yuan / ton in the next month, holders are eager to use premium for cash before the basis narrowing and delivery, the quotation starts from the premium 20 ~ 80 yuan / ton, the holder takes the initiative to reduce the price actively, the spot is quickly lowered to flat water ~ 70 yuan / ton, good copper premium 60 yuan / ton transaction slightly improved, flat water copper maintained stability in flat water ~ 10 yuan / ton, there is no lack of individual traders discount 10 yuan / ton quotation to seek transactions
。 The downstream still maintains rigid demand, wet copper supply is tight, and the imported low-end flat water copper almost no price difference, concentrated transaction in the discount 40 ~ 30 yuan / ton, after eleven o'clock, the plate slightly pulled up, good copper has smelled a premium of 50 yuan / ton quotation, afternoon flat water copper is expected to increase
the discount quotation.
In the afternoon session, the price spread of the next month further narrowed to 120-140 yuan / ton, and the sentiment of cargo holders was high, and the quotation was lowered
again.
Most of the downstream side is waiting for the change of month, buying is general, and the market activity is poor
.

In terms of stocks, as of May 11, COMEX copper stocks 250577 short tons, down 1,066 tons from the previous day; LME copper stocks were 281075 tonnes, down 4,000 tonnes from the previous day; As of May 14, SSE futures inventories were 149557 tons, up 726 tons
from the previous day.

Industry news, statistics from the Chilean Copper Commission show that in the first quarter, Chilean copper mine production was 1.
4 million tons, an increase of 18.
9% from 1.
2 million tons in the same period last year, mainly because of the workers' strike at BHP Billiton's Escondida copper mine in the same period last year, resulting in a relatively low
total production base.
In the first three months, Chile's increase in copper production accounted for 28% and 929,300 tons of the world's total, from 26% and 819,000
tons in the same period last year.

In the short term, the dollar index is under pullback pressure after running to a high, boosting base metals
.
London copper stocks continued to decline for 16 days, falling by 62,000 tons
.
In addition, last week's customs data showed that China's copper imports in April were 442,000 tons, the highest in the year, reflecting the improvement in domestic demand and supporting copper prices, but the short-term lack of a sharp rise in the driving factor, is expected to be dominated by strong shocks, and the center of gravity will remain slowly moving
upward.
FYI
.