Long and short trading cautious Copper prices are still stuck at the intersection of moving averages

In the external market, Asia Lun copper oscillated higher after the Shanghai copper close, of which as of 16:05 Beijing time, the three-month LME copper was reported at 6943 US dollars / ton, up 0.
67% per day, returning to the running above the moving average group, and the technical form was stronger than that of Shanghai copper
.
In terms of positions, on May 18, the position of London copper was 311,000, a daily decrease of 2,775 lots, and the reduction of London copper positions rose in the past week, mainly driven by the active replenishment of bears
.

In terms of the market, on May 22, Shanghai electrolytic copper spot traded at a discount of 90 yuan / ton - flat water - flat water for the monthly contract, and the trading price of flat water copper was 51180-51260 yuan / ton
。 Shanghai copper delivery source into the market, the source of goods increased, the holder price boom retreated, the morning market quotation discount 50 yuan / ton - flat water, lack of concern, some holders in order to seek the transaction took the lead in lowering the quotation shipment, flat water copper took the lead in opening the downward trend, since the discount of 60 yuan / ton began to slide all the way to the discount of 90 yuan / ton, the noon close has smelled the discount of 100 yuan / ton, good copper then adjusted to the discount of 30-20 yuan / ton, the end of the afternoon market has smelled the copper sticker to 40 yuan / ton, wet copper expanded to the discount of about 140 yuan / ton, Scaling down is limited
.
The downstream continues to maintain rigid demand, traders' long-term transactions have basically come to an end, market activity has declined, and the increase in supply has inevitably expanded the discount
.

On the macro front, the Asian dollar index fell under pressure and is now trading around 93.
3, and the market is currently focused on the minutes of the Fed's May meeting to be released in the early hours of Thursday morning, focusing on whether to signal that the pace of interest rate hikes will accelerate this year, before which the dollar index may have limited room for correction
.

In terms of industry, the latest monthly report of the International Copper Research Group (ICSG) shows that the global refined copper market was oversupplied by 86,000 tons in February and 23,000 tons in January, of which global refined copper production in February was 1.
86 million tons and consumption was 1.
78 million tons
.
In the first two months of this year, the global refined copper market was oversupplied by 109,000 tons, compared with 125,000 tons in the same period last year, and the surplus narrowed
slightly.

During the day, the Shanghai copper 1807 contract oscillated and rebounded to 51440 yuan / ton, still running at the intersection of moving averages, showing that long and short trading is cautious
.
In terms of operation, it is recommended that the Shanghai copper 1807 contract can be sold high and low between 51000-51800 yuan / ton, and the stop loss is 350 yuan / ton
each.