Market news is relatively flat, and Shanghai copper maintains a range-bound trend

In terms of external trading, London copper opened at 6808 US dollars / ton, the beginning of the session fell sharply to test the low of 6789.
5 US dollars / ton after a steady recovery, touched 6828 US dollars / ton after a slight decline, but still running above the daily moving average, the afternoon price climbed, touched 6844 US dollars / ton after falling, after entering European time London copper tried to test 6850 US dollars again, blocked at 6848.
5 US dollars / ton
.
The dollar's strength and re-punched recent highs, forcing copper prices to give up gains and fail to hold the daily moving average, trading at $6818.
5 / mt
at 17:30.

In terms of the market, overnight Shanghai copper fell, fluctuating at 50,800 yuan / ton
.
On the first day after the change of month, the market on the 1806 contract quotation discount 120 ~ 80 yuan / ton, traders inquiry more, price pressure enough, individual traders flat water copper can be discounted about 130 yuan / ton to receive the goods at a low price, good copper is not moved, after ten o'clock, good copper under the receipt of the receiver, the quotation has quietly risen to a discount of 70 yuan / ton
.
Pingshui copper immediately followed, the second trading session, Pingshui copper has risen to a discount of 110~100 yuan / ton, good copper has been held to a discount of about
60 yuan / ton.
The intraday market activity is acceptable, and the main contributors are mostly traders who receive and pay long orders, so the transaction is significantly warmed
up for good copper and some deliverable and long orders.
However, the downstream still maintains rigid demand, wet copper stalemate in the discount 170 ~ 150 yuan / ton range, the transaction is far less than other varieties, mainly because due to the recent import of copper gradually arrived, wet copper supply has been greatly improved, in the downstream did not see a large number of market conditions, quotation to follow and then raise is difficult
.
In the afternoon session, the market rose slightly, and the long order receipt in the morning market has basically ended, but the market quotation is still firm in the good copper with a discount of 50 yuan and the flat water copper with a discount of 100 yuan / ton, and the overall market activity has decreased significantly compared with the morning, and there is a tug-of-war
.

In terms of stocks, as of May 15, COMEX copper stocks 248986 short tons, down 1,276 tons from the previous day; LME copper stocks were 291,350 tonnes, up 1,375 tonnes from the previous day; As of May 16, SSE futures inventories were 155756 tons, up 6,719 tons
from the previous day.

On the news, Aurubis AG, Europe's largest copper smelter, said it expects the copper market to continue to be positive in the coming months, and the company expects earnings to increase
.
The company said it expects the supply of copper concentrate to increase due to
good mine production levels.
The company also expects demand for copper products to remain strong
going forward.
The company's concentrate processing volume increased to 641,000 tonnes in the first quarter of March from 626,000 tonnes
a year earlier.
Production of copper cathodes increased from 288,000 tonnes to 291,000 tonnes
.

Overall, LME copper stocks have maintained an increase in the past two days, ending a continuous decrease in more than ten days, and the center of gravity affected by copper prices has shifted
downward.
At present, although copper supply and demand show certain seasonal characteristics, which supports copper prices, the US dollar remains strong and short-term supply is abundant to copper prices, and copper prices will maintain a range-bound trend
in the near future under the stimulation of no favorable news.
Shanghai copper main force 1807 main fluctuation range of 50500-51500 yuan
.
FYI
.