Shanghai copper stop falling rebound space may be limited

Macro: Last Friday, Shanghai's toughest policy in history put huge pressure on the market, and although the dollar exchange rate continued to fall, copper prices fell sharply, and it was only after China's PMI data on Friday that copper prices were able to stop falling and rebound
.
China's PMI rebounded sharply to 50.
2 in March, reversing the contraction since August last year
.

Spot market: After entering April, the capital level is slightly loose, and the downstream continues to buy
on the dip.
As the Qingming holiday approached, downstream buying increased, holders quoted firm discounts, and traders were cautious
due to the holiday closure.
The proportion of downstream transactions has increased significantly, and SHFE copper inventories may continue to decline
this week.

Update: Cerro Verde copper miners in Peru, owned by Freeport, plan a 48-hour strike on April 8 to protest the bonus
.
The mine produced a total of 247,000 tons of copper in 2015, and the plant expansion was completed according to plan in the fourth quarter of 2015, and copper production is expected to reach 500,000 tons
in 2016.

Shanghai copper performance is acceptable during the day, some bulls counterattacked before the holiday, bears actively reduced positions at the end of the day to avoid risk, Shanghai copper recovered the 40-day line support, and the market should be consolidated at a low level
.
Overall, after two weeks of decline, copper prices showed signs of stopping, and trading was on the sidelines, waiting for new short selling opportunities
.