Shanghai copper morning review on May 20

In terms of market: on May 19, Shanghai electrolytic copper spot reported a premium of 40-80 yuan / ton, and the transaction price of flat water copper was 35350-35500 yuan / ton
.
Holders continued to rise in early trading, but with the inflow of some deliveries, the supply increased and brands increased, and the intraday premium narrowed
slightly.
However, large traders have not yet seen a large number of shipments, and some non-stock traders are looking for low-priced sources for inventory, which has slowed down the premium and returned to the deadlock between supply and demand
.
Near midday, copper prices fell, leaving the spot market trading almost frozen
.

Stocks: As of May 13, the previous Shanghai copper inventory was reported at 286,210 tons, a sharp decrease of 26,958 tons per week, returning to the level since February 26 this year, after the inventory fell for eight consecutive weeks, with a cumulative decrease of 108567 tons or 37.
93%.

Summary of views: Shanghai copper bottomed out overnight to 35260 yuan / ton, the performance slightly resisted the decline in London copper, as Fed officials' speeches pushed up expectations of the Fed's interest rate hike before July, and the dollar index climbed
strongly.
However, Shanghai copper fell to around 35,000 yuan, long and short trading cautious, short-term or range oscillation, it is recommended that the short order of Shanghai copper 1607 contract temporarily stop profit and exit, and sell high and low between 34500-35500 yuan, stop loss 400 yuan / ton
each.