Late trading bulls took profits, Shanghai copper fell slightly

In terms of external trading, London copper opened at 6835 US dollars / ton, opened sharply to test the low of 6782.
5 US dollars / after stopping the decline, up across the daily moving average, showing a volatile upward trend, the morning running platform was blocked at 6830 US dollars / ton line, in the afternoon fell slightly to test the low of 6806 US dollars / ton after a rapid recovery, the platform center of gravity moved up, based on the daily average above the target moved up to 6850 US dollars / ton line, after entering European time, the rally continued, continued to rely on the daily moving average, as of 17 :30, London copper reported 6859.
5 US dollars / ton, up 26 US dollars / ton
.

In terms of the market, the last trading day of the Shanghai copper 1804 contract, the price difference fluctuated in the range of 160~180 yuan / ton in the next month, most of the holders in the market have quoted on the 1805 contract, the morning market spread is around 160 yuan / ton, the flat water copper quotation is in the premium 200 ~ 220 yuan / ton, good copper is about 250 yuan / ton, as the price difference expands to 170 ~ 180 yuan / ton, good copper is raised to 270 yuan / ton, flat water copper is raised to 220 ~ 230 yuan / ton, it is difficult to find wet copper within the day, The quotation is almost low-end flat water copper, based on the premium of 200 yuan / ton
.
The price difference before the noon close has widened to 200 yuan / ton, the quotation of good copper liter water raised to 270 ~ 280 yuan / ton, but the transaction showed a gradual decline trend, converted into the contract of the month, the premium is difficult to break 100 yuan / ton, with today's most uncertain wait-and-see attitude, after tomorrow's moon change, whether the market can continue to maintain a stable high premium There are still questions
.
In the afternoon session, with the completion of the delivery of the current month's contract, all the holders turned to the 1805 contract quotation, the market situation was still unclear and there were few
transactions.
In the afternoon session, the spot trading price of Shanghai electrolytic copper was 50480 yuan / ton - 50650 yuan / ton, flat water copper to 1805 contract premium 210 yuan / ton - premium 220 yuan / ton, premium copper to 1805 contract premium 230 yuan / ton - 250 yuan / ton
.

In terms of stocks, COMEX copper stocks were 238982 short as of April 12, down 324 tons from the previous day; As of April 13, LME copper stocks were 357025 tonnes, down 5,675 tonnes from the previous day; As of April 14, SSE futures inventories were 147982 tons, up 1,313 tons
from the previous day.

Industry sources, Vedanta said its application to expand its copper smelter in the South Indian town of Thootukudi was rejected
by state pollution regulators.
Local citizens also protest almost daily against Vedanta's proposal
to expand the Thootukudi copper smelter.
Vedanta had planned to double the smelter's capacity to 800,000 tonnes
per year.
Vedanta produced 515,274 tonnes
of copper last year.

The recent war clouds coupled with the impact of the trade war have caused market volatility, and macro bearishness still affects market sentiment
.
Global explicit inventories peaked and fell, downstream demand is gradually improving, and tight copper mine supply is expected to limit the decline
in copper prices.
Copper prices are expected to remain range-bound in the near future
.
Pay attention to inventory, premium discounts, and changes
in the macro situation.