Nonferrous metals generally declined, and the main shock of Shanghai copper weakened

On the industry front, a representative of the Ombudsman Office said that the people's indigenous community Nueva Fuerabamba decided to impose a new round of road blockades on the Las Bambas mine in Peru, owned by Minmetals Resources (MMG), so the community's negotiations with Minmetals Resources over compensation were fruitless
.

In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 100 ~ 160 yuan / ton, a flat water copper trading price of 47460 yuan / ton ~ 47520 yuan / ton, and a premium copper trading price of 47500 yuan / ton ~ 47560 yuan / ton
.
Overnight, Lun copper broke 6,000 US dollars and fell, Shanghai copper followed the fall, and intraday copper was sorted
out around 47400 yuan / ton.
Spot inventory performance decreased, superimposed copper prices fell, the morning market inquiry atmosphere is active, the willingness to receive goods is proactive, the holder is resolute, the market opens with a premium of 100~150 yuan / ton, attracting some traders to buy and deliver long orders, the premium shows a slight increase, flat water copper is lower than the premium 100 yuan / ton difficult to find a source, is raised to the premium 110 ~ 120 yuan / ton, good copper premium 150 ~ 160 yuan / ton near the transaction continues to perform well, downstream bargain trading willingness continues to improve, wet copper is a comprehensive premium, The quotation premium is 20~50 yuan / ton
.
The performance of the market supply in the day is not abundant, traders receive and deliver long orders, the decline in the market attracts some downstream bargain buying, the current market has not shown signs of stopping, short-term will maintain high premium quotations
.

In terms of stocks, LME copper stocks stood at 189,250 tonnes on May 21, up 525 tonnes
from the previous session.
As of May 17, 2019, copper cathode stocks on the Shanghai Futures Exchange were 187,963 tons, down 6,245 tons
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.

The main 1907 contract of Shanghai copper weakened during the day, as the dollar ran high, and the non-ferrous sector generally declined
.
In the spot market, the performance of the supply is not abundant, traders receive and deliver long orders, the decline in the market attracts some downstream bargain buying, and the downstream bargain trading willingness continues to improve
.
On the technical side, the main 1907 contract of Shanghai copper declined, and the short-term or again tested the support of the 47,000 yuan / ton mark
.
In terms of operation, it is recommended that the Shanghai copper 1907 contract rely on 47,000 yuan / ton in the early stage to hold
it cautiously.