Market consumption expectations have weakened, and Shanghai copper volatility is weak

On the macro front, China's financial market on Thursday continued to reflect the impact of the tightening of bank funds, according to market reports that many banks vigorously recovered the entrusted funds, it is believed that the strengthening of financial supervision triggered by the Minsheng Bank radish chapter incident will continue, and China's balance sheet reduction is already on the way
.
However, yesterday's stock market turned red, and commodities that continued to plummet rebounded strongly yesterday, focusing on whether the power of spot selling and macro shorting was gradually released
.

In terms of the market, spot premiums expanded and price spreads between varieties narrowed, reflecting the digestion of domestic inventories and a slight tightness in spots, while some regions also reflected difficulties
in buying premiums.
Affected by this, spot imports have become profitable, traders seek imports, and bonded trade premiums have expanded to $
50.
However, bonded stocks of 600,000 tons, a high level in the past two years, with the arrival of imports, domestic spot premiums are difficult to maintain, as time gradually turns to off-season expectations, spot overall is still unfavorable
to copper prices.

In terms of news, Indonesian copper mines announced that they will strike for a month in May, and the long-term support for prices is still in place due to continuous price disruption, but so far the excess of refined copper is not enough to be a reason to push prices higher, maintaining the judgment
that copper prices have fallen in shocks.