Shanghai copper main force opened low and rebounded, and the market performance was weak

On the industry side, a new negotiation meeting between the Nueva Fuerabamba community and Minmetals Resources will take place on May 6-7, which may give a new boost
to the situation.
At the meeting, the community aimed to push for two proposals calling for amnesty for community members who had participated in the protests since 2011 and for changes in the relevant legal provisions to prove the legitimacy
of the protests.

In terms of the market, during the May Day holiday, London copper plummeted to 6150 US dollars, a new low in nearly three months, and copper fell in Shanghai today, down more than 800 yuan / ton
compared with before the holiday.
After returning from the holiday, on the first trading day of May, the holders still tried to raise the price, the initial quotation premium 50 yuan / ton - 150 yuan / ton, but the response was weak and the buying was weak, the holder gave up the price, lowered the quotation shipment, good copper took the lead to drop the premium 120-130 yuan / ton line, flat water copper fell to about 40 yuan / ton, the transaction still did not improve
。 On the first trading day after the holiday, the macro bearish and weak demand made copper prices in a downward channel, there was no signal to stop the decline, the market was still under short control, the premium of spot high and low went further made the market buy in a lack of confidence, futures in recent months again showed no spread space, but also made speculators at a loss, intraday market performance was weak, but the holding cost of holders is temporarily difficult to make spot return to the pre-holiday discount state
.

In terms of stocks, LME copper stocks were 228,275 tonnes on May 3, down 3,675 tonnes
from the previous session.
As of April 26, 2019, copper cathode stocks on the Shanghai Futures Exchange were 219,679 tons, down 17,055 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

The main 1906 contract of Shanghai copper opened low and rebounded slightly during the day, as Sino-US trade relations were tense again, and after US President Trump's threats to increase tariffs, market risk aversion increased, and Shanghai copper jumped low
.
In the spot market, macro bearish and weak demand make copper prices in a downward channel, there is no signal to stop falling, the market is still in the control of bears, the premium of spot high and low makes the market buy in the lack of confidence, futures in recent months again show no spread space, but also make speculators at a loss, intraday market performance is weak, but the holding cost of holders is temporarily difficult to make spot return to the pre-holiday discount state
.