Shanghai copper performed strongly and closed at a near February high

On the industry front, First Quantum Mining's chairman and CEO Philip Pascall announced last Thursday that the company's Cobre Panama project in Panama is accelerating production and is expected to be an important year
in 2019.
The development of Cobre Panama is nearing completion and the current focus is on the completion of construction work, commissioning of the process plant and commissioning of the expansion of the power station
.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 160 yuan / ton - discount of 30 yuan / ton, flat water copper trading price of 48320 yuan / ton ~ 48500 yuan / ton, and premium copper trading price of 48440 yuan / ton - 48600 yuan / ton
.
Shanghai copper performance rose, standing above the 60-day moving average, hovering around
48,600 yuan / ton.
The pressure of accumulation during the Spring Festival prompted some traders to sell spot, and the morning market quotation discount was 130-30 yuan / ton, mostly cautiously waiting, and the transaction was not easy
.
Holders are eager to exchange cash, and the market dumping volume is more concentrated, the quotation shows a phenomenon of high reporting and low going, flat water copper is adjusted to a discount of 160-150 yuan / ton and there is room for price pressure, good copper is reduced to a discount of around 50 yuan / ton, the market favor for good copper is still higher than that of flat water copper, wet copper follows the market quotation from a discount of 240 yuan / ton to a discount of 300 yuan / ton
.
Although the downstream start after the holiday has picked up, the rise in the market inhibits downstream buying, cautious entry into the market, the market supply is abundant, the arrival of goods into the warehouse, the characteristics of oversupply are obvious
.

In terms of stocks, LME copper stocks stood at 143,175 tonnes on Feb.
15, down 2,350 tonnes
from the previous session.
As of February 15, 2019, copper cathode stocks on the Shanghai Futures Exchange stood at 207,118 tonnes, an increase of 64,391 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Copper increased its position on the rise during the day, as investors' expectations of a trade deal between China and the United States and the impact of a retreat in the US dollar index highs led to a strong performance in copper prices, while January currency data exceeded expectations, which also pushed copper prices higher
.
In the spot market, the pressure of accumulation during the Spring Festival prompted some traders to sell spot, while the downstream post-holiday start has picked up, but the rise in the market inhibits downstream buying, cautious entry into the market, the market supply is abundant, and the arrival of goods is more
.
On the technical side, the futures price rose sharply, closing at a high level in February, and the mainstream long position increased significantly, and the pressure around 49,500 yuan / ton can be paid attention to in the short term
.