Shanghai copper downward rebound, short-term or into adjustment

In terms of industry, according to foreign news on April 8, Minmetals Resources (MMG Ltd) said on Monday that the company's Las Bambas copper ore in Peru resumed normal mining, production and transportation operations, after a community agreed to end the two-month blockade of the copper mine
.

In terms of the market, the Shanghai copper festival fell back after the opening of the market, and it was sorted
out around 49,200 yuan / ton in the morning.
The market is abundant, the willingness of holders to exchange cash is urgent, the morning market quotation is high at 50-180 yuan / ton, it is difficult to trade, the holder is eager to exchange cash at the high and take the initiative to reduce the quotation, good copper is reduced to about 150 yuan / ton, flat water copper is reduced to around 30 yuan / ton before gradually starting to trade
。 After ten o'clock, the group of dumping for cash gradually increased, the market in the buyer's cautious wait-and-see attitude to reduce the price again, flat water copper quotation to the premium of around 10 yuan / ton, good copper quotation premium around 120 yuan / ton, but the transaction is still not ideal, downstream willingness to receive goods is weak and there is no obvious buying, wet copper due to less goods quotation is relatively stable than before the holiday, the quotation is in the discount 70-discount 40 yuan / ton range
.
The willingness to exchange cash in the market is still dominant, and the characteristics of oversupply are still obvious, but this week will approach delivery, the current next month price difference is still around 100 yuan, spot premium quotations have approached the delivery level, and the space for further decline may be limited
.

In terms of stocks, LME copper stocks were 198,300 tonnes on April 05, down 25 tonnes
from the previous session.
As of April 4, 2019, copper cathode stocks on the Shanghai Futures Exchange were 257,320 tonnes, down 4,092 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Shanghai copper rebounded during the day, due to the impact of the external trend of the Qingming holiday, copper prices showed weakness, but because the market has good expectations for the current Sino-US trade agreement, copper prices are strongly supported
.
In the spot market, the willingness to exchange cash in the market is still dominant, the characteristics of oversupply are still obvious, the current price difference is still around 100 yuan in the next month, the spot premium quotation has approached the delivery level, and the space for further decline may be limited
.
On the technical side, the Shanghai copper 1905 contract fluctuated in the dense area in the early stage, the MACD indicator trend was stable, and the short-term copper price may enter the adjustment
.