Shanghai copper shock weakened, supply and demand sides continued to stalemate and tug-of-war

In terms of industries, data released by the National Bureau of Statistics on Friday showed that China's refined copper production in March increased by 10.
2% year-on-year to 705,000 tons, and the cumulative output from January to March was 2.
045 million tons, an increase of 8.
8%
year-on-year.

In terms of the market, Shanghai electrolytic copper spot contract reported flat water - liter water 110 yuan / ton, flat water copper trading price 49380 yuan / ton - 49420 yuan / ton, liter copper trading price 49460 yuan / ton - 49520 yuan / ton
.
The external market is closed, lack of external guidance, Shanghai copper around 49400 yuan / ton a line of shock
.
Holders maintained the quotation premium of 30-120 yuan / ton, but the market lacked enthusiasm for inquiry and showed indifference, and the holders took the initiative to reduce the premium to 10-110 yuan / ton, but the transaction was still difficult to boost
.

In the second trading session, traders eager to exchange cash have been as low as 90-100 yuan / ton, and flat water copper has gradually dropped to near
flat water in order to seek transactions.
The supply of wet copper is limited, the quotation is stable at the quotation discount of 70-40 yuan / ton, the downstream performance is not strong, and there is a serious lack of active
buying.
Shanghai copper contracts in the past six months have little room for spreads, under the lack of external guidance, traders' arbitrage space has been blocked, speculation willingness has declined, market participation has dropped significantly, and the performance is calm
.
Spot mainstream trading still maintained the level of last Friday's quotations, and the supply and demand sides continued to stalemate and tug-of-war
.

In terms of stocks, LME copper stocks stood at 189,225 tonnes on 18 April, down 1,425 tonnes
from the previous session.
As of April 19, 2019, copper cathode stocks on the Shanghai Futures Exchange were 236,734 tons, down 8,444 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

During the day, the main 1906 contract of Shanghai copper weakened, and in the spot market, the downstream performance was not strong, and there was a serious lack of active buying
.
Shanghai copper contracts in the past six months have almost no room for spreads, in the lack of external guidance today, traders' arbitrage space is blocked, speculation willingness has declined, market participation has dropped significantly, and the performance is quiet
.
Spot mainstream trading still maintained the level of last Friday's quotations, and the supply and demand sides continued to stalemate and tug-of-war
.
On the technical side, the Shanghai copper 1906 contract weakened, and the MADC indicator showed repeated trends, short-term attention to the support
around 49,000 yuan / ton below.