Shanghai copper is in the stage of stabilization at a low level, and the short-term rebound space is limited

In terms of the external market, London copper opened at 6671 US dollars per ton, the beginning of the session along the daily moving average oscillated upward, during the period around the daily average of 6683 US dollars to do a short sorting, the range is only about 10 US dollars, the second quarter of the Asian trading session, London copper climbed, easily broke through 6700 US dollars, maintain the upward momentum, until the end of the Asian market touched 6740.
5 US dollars / ton
.
After entering European time, the rally converged, running at $6730 / ton, although giving up some of the gains in the afternoon, but still stopped at the daily moving average, standing above $6700 to run
strongly.
As of 17:55, it was quoted at $6,722 / ton, up $55 / ton
.

In terms of the market, the Shanghai copper rebound stood on the 5-day moving average, but the near and far month spread narrowed sharply, the price difference inverted every other month, speculators bought cash and sold forwards, the early morning market holders quoted good copper discount of about 160 yuan / ton, flat water copper discount 200 yuan / ton of the first line, attracting a large number of merchants to receive goods, major smelters led the tide of receipt, the discount narrowed rapidly, good copper closed to the discount 140 ~ 130 yuan / ton nearby, flat water copper narrowed to the discount 180 ~ 160 yuan / ton, wet copper kept the tight price, the transaction buying was stable and good, The market is in a positive inquiry atmosphere, but the market is extremely active at the end of the month, enterprises with financial strength follow up to buy, tax cuts are good for upstream and downstream, downstream active inquiry smelters communicate with each other, and transactions maintain a recovery trend
.
In the afternoon, as the market rose, the holders intended to shrink the discount again, but the lack of interest could only give up, trading activity declined, and the discount slightly expanded
.

In terms of stocks, COMEX copper stocks 234276 short tons as of March 28, an increase of 684 tons from March 27; LME copper stocks were 388175 tonnes, up 4,200 tonnes from March 27; As of March 29, SSE futures inventories were 135331 tons, up 150 tons
from the previous day.

In terms of news, on March 28, the executive meeting of the State Council decided to deepen the value-added tax reform measures, and the meeting decided to reduce the value-added tax rate of manufacturing and other industries from 17% to 16% from May 1, 2018, and the value-added tax rate of transportation, construction, basic telecommunications services and other industries and agricultural products from 11% to 10%, which is expected to reduce taxes by 240 billion yuan
throughout the year.

Affected by the positive VAT reform during the day, Shanghai copper rose steadily, driving active trading in the spot market
.
From a technical point of view, Shanghai copper stood above the 5-day moving average for the first time in a week, and the above is still a complete moving average short arrangement, the bearish power has not yet been exhausted, and the KDJ tends to expand
upward.
On the plate, the pressure of 50,000 yuan / ton to rectify the threshold is obvious, and both the long and short sides leave the market at the
end of the session.
It is expected that Shanghai copper will be in a low stabilization stage in the short term, and in the current situation, if there is no major positive news, the rebound space is limited
.