Shanghai copper morning review on May 12

In terms of market: on May 11, Shanghai electrolytic copper spot reported a premium of 10-40 yuan / ton, and a flat water copper transaction price of 35740-35840 yuan / ton
.
Near delivery, the basis widened to around 120 yuan / ton the next month, which raised the current copper premium
.
In the morning, good copper from 20 yuan / ton to 40 yuan / ton, traders buy cash selling period is strong, the market once difficult to find flat water copper and wet copper, but also intensified the strength
of good copper rise.
The market continued to consolidate at a low level, and the downstream continued to buy goods on the dip
.

In terms of stocks: As of May 6, the previous Shanghai copper inventory reported 313168 tons, a weekly increase of 1274 tons, returning to the level of early March, after the inventory fell for six consecutive weeks, a cumulative decrease of 83083 tons or 21.
05%.

The Shanghai copper oscillation fell overnight, indicating that the upper selling pressure was heavier, and the performance was worse than other non-ferrous metals, which technically still indicates that there is still room
for decline.
At the same time, there is greater uncertainty in the short-term market about the upcoming release of a series of Chinese economic data for April, which has dampened bulls' confidence
.
In terms of operation, it is recommended that the Shanghai copper 1607 contract can be cautiously short below 36,500 yuan, and the first target is 35,000 yuan
.