Shanghai copper rose slightly for the time being, mainly technical rebound

In the external market, the LME market continues to be closed and will resume trading on Tuesday, and as of March 29, the LME 3-month copper was quoted at $6740 / ton, falling into the intersection of moving
averages.
In terms of positions, on March 28, the position of London copper was 299,000 lots, a daily decrease of 1,147 lots, and the recent increase and decrease of London copper positions showed that long and short trading was repeated
.

In terms of the market, entering April, last week's serious bank capital constraints were relaxed, holders narrowed the discount sharply, the morning market quotation discount of 120-70 yuan / ton, attracting traders into the market to receive a large number of goods, market inquiry positive, the quotation quickly rose to flat water copper discount 100 yuan / ton, good copper discount 60-50 yuan / ton
。 Based on the expectation of reducing the cost of VAT tax reduction, and the downstream replenishment and stocking expectations of Qingming Festival traders to make positive preparations, some small and medium-sized traders in the pressure cycle of last week's financial pressure forced to ship for cash to reduce inventory, this week also began to gradually replenish, so, good copper took the lead to raise the quotation to a discount of about 40 yuan / ton, flat water copper correspondingly raised to a discount of about 80 yuan / ton, the transaction is dominated by traders, last Friday's inventory report showed that the inventory finally turned into a decline for the first time in 8 weeks.
The market is actively preparing for
the arrival of the consumption season and the start of tax reduction and ticket exchange in May.

In terms of stocks, COMEX copper stocks 233927 short tons as of March 29, down 349 tons from March 28; LME copper stocks were 383075 t, down 5,100 tonnes from March 28; As of April 2, SSE futures inventories were 138448 tons, an increase of 1,497 tons
from the previous day.

Industry news, the ninth batch of restricted import solid waste approvals were released, scrap copper related enterprises received 120,700 tons of approval, a single batch hit a new high this year, more than 3 times the same batch last year, the first nine batches of cumulative batch fell by 88%
year-on-year.
A total of 11 enterprises were approved this time, 6 in Taizhou, with a batch of 105,400 tons, accounting for 87% of the total volume; Qi Hetiandi and Zhejiang Judong were approved for 101,000 tons, accounting for 83.
68% of
the total volume.

During the day, the Shanghai copper 1805 contract oscillated to 50390 yuan / ton, trading at the intersection of moving averages, short-term technical rebound demand-based, intraday Chinese official and Caixin manufacturing PMI diverged again, which is not conducive to copper prices continue to rise, pay attention to the reaction of the external disk to the data of the two, it is recommended that the Shanghai copper 1805 contract can be sold high and low in the range of 51000-50100 yuan / ton, and the stop loss is 450 yuan / ton
each.