Shanghai copper continues to face pressure on the top

In the external market, LME copper opened slightly higher at $7,004.
5 in the morning, after which the price fell under pressure, and once fell to around $6,948.
5 in the afternoon to stabilize, closing at $6,957.
5, down $25, or 0.
36%.

In terms of stocks, COMEX copper stocks 247999 short tons as of April 23; As of April 24, LME copper stocks were 348725 tonnes, down 3,100 tonnes from the previous day; As of April 25, SSE futures inventories were 139707 tons, up 449 tons
from the previous day.

The Federation of Workers at BHP's Escondida copper mine in Chile said the union had made no progress
in early contract negotiations with management.
As things stand, there should be no agreement
until formal talks begin in June.

Chilean miner Antofagasta reported that its first-quarter copper production fell 10.
5% from a year ago to 153,800 mt, mainly due to lower ore grades, but maintained its full-year production target
.
The company had expected ore grades to decline at the beginning of the year, but gradually improved
over time.
The company's full-year production target remains at 705,000-740,000 tonnes
.

Overall, affected by the bond sell-off, medium and long-term U.
S.
bond yields continued to rise, refreshing multi-year highs, the dollar index also broke through the 91 mark, coupled with the weakening of the black series during the day, non-ferrous metals were generally under pressure due to this, but because the copper market fundamentals continued to improve hopefully, the support below was strong, copper prices are difficult to have signs of a sharp correction, but Sino-US trade war concerns have not been eliminated, macro uncertainty or price still repeated
.
From the perspective of futures, Shanghai copper main MACD gold cross, KDJ gold cross, the price above the 60-day moving average pressure, is expected to short-term price is still above 51,000 yuan oscillating operation
.