Shanghai copper continues to fall under pressure, and there is still a chance to rebound in the later period

Externally, London copper futures edged higher today, with London Metal Exchange (LME) three-month copper up 0.
24% to $
4,916 a tonne.
Copper closed down 1.
2% in the previous session, falling as low as $4,873 a tonne during the day, the lowest level
since April 19.
Recently, a series of regulatory measures caused by the crazy speculation of black futures have affected the non-ferrous metal market, coupled with the profit withdrawal of funds near the May Day holiday, London copper has fallen slightly for several days to return to around $4900, and the short-term is still dominated by shock consolidation
.

3.
Overview of the domestic copper market

On the macro front, the Fed's April FOMC meeting statement announced that interest rates were unchanged, in line with market expectations, but as can be seen from the wording of its statement, the door to the Fed's June interest rate hike is still open, and some of the wording is hawkish, and interest rate hike expectations are still in place, although the dollar has fallen, and the non-ferrous market has not been able to benefit from it
.
At the same time, China's futures exchange's crackdown on speculation has dampened sentiment, and optimistic expectations for an upturn in China's copper demand have faded, weighing on non-ferrous metal prices
.

Today's Shanghai electrolytic copper spot reported a discount of 150 yuan / ton - discount of 100 yuan / ton, flat water copper transaction price of 36980 yuan / ton - 37100 yuan / ton, premium copper transaction price of 37000 yuan / ton - 37120 yuan / ton
.
Shanghai copper fell during the day, and copper continued to narrow at a discount
.
Although the supply is higher than yesterday, the narrowing of the discount reflects that holders still have expectations for downstream pre-holiday stockpiles, especially in the context
of copper prices falling by 500 yuan/ton from yesterday.
With the last trading day left in April, downstream bargain hunting willingness looms
.
Based on this, speculators prefer the purchase of low-priced sources, but due to the tightening of funds at the end of the month, the actual transaction is relatively limited
.

4.
Copper closing situation

Today's copper market continued to fall under pressure, Shanghai copper opened low in the morning, the main contract 1606 at the bottom of the midday trend sorted out, closing at 37280 yuan / ton
.
In the short term, Shanghai copper 1606 still has the possibility of upward, 37,000 yuan / ton is the current bottom strong support point, if it rises above 37,000 points, the market will continue to rise
.