Macro positive boosted market sentiment Shanghai copper opened higher and went higher

In terms of industries, Codelco, the world's largest copper producer, reported on Friday that its copper production in 2018 was slightly lower than the previous year due to declining ore grades and rising production costs for older
mines.

In terms of the market, the favorable Sino-US trade negotiations continued to give the market optimistic expectations, coupled with China's official manufacturing PMI in March exceeding expectations and the previous value, and the official landing of tax cuts, boosting the market and guiding the Shanghai copper gap to open higher, sharply pulling up to 49,300 yuan / ton
。 Entering April, the market spot all including VAT 13% invoice quotation, morning market holders quotation is high, quotation premium 20-100 yuan / ton, difficult to trade, market buying performance cautious, flat water copper holders take the lead in abandoning the price of price adjustment situation, flat water copper adjustment to 30-discount 20 yuan / ton, the transaction has improved, good copper is reduced to 50-60 yuan / ton
.

Entering the second trading stage, flat water copper maintenance stability discount 30 yuan / ton first line, good copper report unchanged, maintain stability at 50-60 yuan / ton, downstream into the market bargain buying, wet copper quotation to maintain a discount of 100-80 yuan / ton range
.
VAT landed, spot premium returned, but on the first day of April, the performance of the market was red, the performance of the cargo holders was strong, the right to speak in the spot market was still in the hands of the holders, and there was a tug-of-war
between the supply and demand sides.

In terms of stocks, LME copper stocks stood at 168,525 tonnes on 29 March, down 1,425 tonnes
from the previous session.
As of March 29, 2019, copper cathode stocks on the Shanghai Futures Exchange stood at 261,412 tonnes, an increase of 2,240 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Shanghai copper opened higher during the day as market expectations for a trade deal between China and the United States and China's official manufacturing PMI in March returned above the boom and bust line, boosting market sentiment
.
In the spot market, value-added tax landed, spot premium returned, but on the first day of April, the market performance was red, the performance of the holder was strong, the right to speak in the spot market was still in the hands of the holders, and the supply and demand sides may have a period of tug-of-war
.
On the technical side, the Shanghai copper 1905 contract strengthened, the MACD indicator green column shrank sharply, the bull power strengthened, and the short-term concern was whether the futures price could get out of the early shock intensive area
.