Shanghai copper rebounded downward, and the trend of the market was strong

On the industry front, Barclays said copper's own supply problems and higher-than-expected supply disruptions could push copper prices up to $
7,000 a tonne.
The investment bank raised its full-year copper price forecast to $6,230 a tonne, from its previous estimate of $
6,205.

In terms of the market, Shanghai copper maintained a first-line quotation
of 49,100 yuan / ton.
Copper prices are low, some downstream morning market is active inquiry, traders in the morning market also have the willingness to receive goods, holders continue to raise prices, morning market holders on flat water copper premium 40 yuan / ton, good copper premium 140-150 yuan / ton, transaction response positive, morning market transaction is acceptable, then the holder quickly raised the price to flat water copper premium 50-60 yuan / ton, good copper was pulled up to 170-180 yuan / ton, good copper transaction was suppressed, flat water copper premium 60 yuan / ton transaction also stagnated
。 Downstream active bargain buying continued to narrow the wet copper discount, and the wet copper quotation discount was 60-40 yuan / ton
.
Intraday downstream bargain replenishment is positive, but the trading atmosphere is still led by traders, the proportion of good copper sources is small, imports continue to lose sharply, and subsequent arrivals are also limited, so that the holders' quotations remain firm, and the stable promotion of demand has also promoted the rise
of premiums.

In terms of stocks, LME copper stocks were 167,425 tonnes on April 02, down 1,100 tonnes
from the previous session.
As of March 29, 2019, copper cathode stocks on the Shanghai Futures Exchange stood at 261,412 tonnes, an increase of 2,240 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

China's Caixin service industry and composite PMI both reached new highs in March, and the prosperity rebounded significantly, showing some favorability
.
In the spot market, the downstream bargain hunting is active, but the trading atmosphere is still led by traders, the proportion of good copper sources is small, imports continue to lose sharply, and subsequent arrivals are also limited, so that the holders' quotations remain firm, and the stable promotion of demand has also promoted the rise
of premiums.
On the technical side, the Shanghai copper 1905 contract has strong support around 49,000 yuan / ton, and the MACD indicator has formed a golden cross trend at a low level, and the short-term copper price trend is strong
.