Market nervousness suspended, Shanghai copper shock rebounded

In terms of external trading, London copper opened at 5560.
5 US dollars / ton, after the opening of London copper Shun daily moving average slowly upward, and then relying on the daily moving average oscillation, into the European session, the LME announced that copper stocks fell by 4225 tons, copper prices benefited from the shock upward, touching as high as 5619 US dollars / ton, as of 17:57, London copper reported 5615.
5 US dollars / ton
.
Intran copper was boosted by China's "Belt and Road" summit, the trend is strong, there may be further room for rebound in the near future, and the short-term goal is to break through the 20-day moving average
.

In terms of macro, domestic macro data for April was released, of which the total retail sales of consumer goods from January to April increased by 10.
2% year-on-year, urban fixed asset investment from January to April increased by 8.
9% year-on-year, and the added value of industries above designated size from January to April increased by 6.
7% year-on-year.

In addition, over the weekend, regulators calmed market sentiment, and the central bank said in the first quarter monetary policy implementation report that it would strengthen financial supervision coordination and organically connect the timing and rhythm
of regulatory policies.
Stabilize market expectations, grasp the balance of deleveraging and maintain basic stability of
liquidity.
"Balance sheet reduction" does not necessarily mean tightening monetary policy, and market sentiment has eased in April as central bank balance sheets have shifted back to "balance sheet expansion"
.

In terms of the market, Shanghai copper rebounded slightly, the basis of the early interval month has always remained at 80-100 yuan / ton, holders generally quoted on the 1706 next month contract, the morning reported flat water - 20 yuan / ton, helpless market few responders, coupled with the next month price difference then gradually narrowed to about 60 yuan / ton, holders generally began to reduce the quotation in order to seek transactions, near noon on the 1706 contract reported a discount of 40 yuan / ton - discount of 10 yuan / ton, holders of the month before the exchange of cash willingness is strong, speculators choose the opportunity to enter the market, buy cash selling period, The downstream receives goods on demand, waits for the change of month and enters the market, and the transaction is mainly
based on middlemen.
After tomorrow's moon change, the current copper premium may be unsustainable
.
In the afternoon, the market reaction has been quiet, waiting for the month to change, the price of the discount is the same as in the morning, flat water copper to 06 contract quotation discount 40 yuan / ton - discount 20 yuan / ton, premium copper discount 20 yuan / ton - discount 10 yuan / ton, the transaction price rose to 45240 yuan / ton - 45340 yuan / ton
.

Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds still has a pressure on copper prices, and the downstream has always had limited access to the market during the peak consumption season, and the supporting effect of terminal consumption on copper prices will gradually weaken with the end of the consumption season, and maintain a bearish idea
in the medium term.