Shanghai copper slightly strengthened, short-term recommendations shock view

On the industry front, Polish miner KGHM and its Sierra Gorda copper miners in Chile agreed to extend contract negotiations, temporarily avoiding the threat of
strike.
Union president Maykel Ocayo said workers would vote on the new contract proposal by Thursday and a decision
would be presented to management on Friday.
Ocayo said: "The extension of negotiations will be until Friday
.
At that time, the voting will be closed
.
”

In terms of the market, although Shanghai copper continued to hover at a low level, the center of gravity of operation was slightly higher than the previous day, and the cargo holders maintained a stable attitude towards quotations, neither arbitrarily raising the water up, nor deliberately lowering the intention
of seeking transactions.
In the morning market, flat water copper was reported as a premium of 980-1000 yuan / ton, and a good copper quotation premium of 1080-1100 yuan / ton, until the end of the afternoon market, the market performance was calm, and the quotation remained stable
.
There are still bargain hunters downstream that need to be replenished, and trade flows have been significantly reduced
.
Some small enterprises continue to report the source of next month's invoice, and the next month's invoice flat water copper discount is about 150 yuan / ton, and the good copper discount is 80-60 yuan / ton, but there are few receivers, and the quotation is not stable
.
Near the end of the month, the quotation of the current month's invoice should gradually stabilize, and it is difficult to show a big change
.

In terms of stocks, LME copper stocks stood at 172,275 tonnes on 26 March, down 1,525 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 edged stronger during the day as recession fears eased and crude oil prices rose
slightly.
In the spot market, the market performance was calm, and the quotation remained stable
.
There are still bargain hunters downstream that need to be replenished, and trade flows have been significantly reduced
.
Some small enterprises continue to report the source of next month's invoices, but there are few receivers and quotations are still unstable
.
On the technical side, the Shanghai copper 1905 contract fluctuated above 48,000 yuan / ton, rebounded intraday to the 60-day moving average under pressure and fell back, short-term recommendations to look at the shock, and pay attention to the progress of a new round of Sino-US trade negotiations
.