Shanghai copper opens high and goes high The market is mostly cautious and wait-and-see

On the industry front, China's largest copper smelters on Thursday cut their minimum processing and refining charges (TC/RC) for the second quarter of 2019 by more than 20 percent
, two people familiar with the matter said.

In terms of the market, on the last trading day of March, the Shanghai copper morning market opened all the way up, the morning rose about 300 yuan / ton, most of the enterprises in the intraday market entered the month-end settlement state, there are very few quotations, but a small number of enterprises that can still issue the invoice of the month The quotation is extremely high, good copper smells the price of about 1250 yuan / ton, there is also a premium high report to more than 1300 yuan / ton quotation, flat water copper morning market has a few enterprises in the premium of about 1100 yuan / ton a small amount of dumping cash, After being swept up, the quotation of good copper rose to more than 1150 yuan / ton, and wet copper was stable in the premium range of 900-950 yuan / ton
.
On the last trading day, the market was mostly cautious and waited for the price of 13% VAT after April next week
.

In terms of stocks, LME copper stocks stood at 169,950 tonnes on 28 March, down 775 tonnes
from the previous session.
As of March 22, 2019, copper cathode stocks on the Shanghai Futures Exchange were 259,172 tonnes, down 5,429 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Shanghai copper opened higher during the day as news that China's large copper smelters cut copper refining fees (TC/RC) by more than 20%, and the market expected copper mine supply to tighten
further.
In the spot market, on the last trading day, the market is mostly cautious and wait-and-see, waiting for the price
of 13% VAT after entering April next week.
On the technical side, the Shanghai copper 1905 contract is strong, but it is still under pressure near the middle band of the Bollinger band, and if copper prices are expected to break further upward, more positive support
is needed.