Shanghai copper volatility higher, poor demand may curb the rally

Abroad, global equities rose to two-week highs after better-than-expected
U.
S.
real estate data injected confidence.
Oil prices also rose to support the copper market, London copper trend is strong, as of 16:00 Beijing time, London metal (LME) copper latest quotation of $4612 rose $26
.

Market: Shanghai copper shock rebound
.
The market has been more than 35,000 yuan / ton for many days, which has stimulated traders and downstream to continue to buy, so that the quotation of copper in the morning market remains stable
.
Due to the low proportion of bills at the end of the recent month, the next monthly ticket of Ling Hao Copper reported a premium of 80-90 yuan / ton, and the next monthly ticket of Pingshui copper reported a premium of 60-70 yuan / ton
.
In the second trading session, the market continued to rebound, and the downstream buying enthusiasm heated up
.
Near the close of the midday session, the plate rose by about 100 yuan / ton, and individual holders lowered the premium to ship for cash
.
The inquiry of copper during the day remained active and active, and the transaction was mainly flat water copper and wet copper, and the high level of good copper was suppressed
.
Although the market conditions have improved, the trading volume has decreased slightly, and the upper premium is limited
.

Industry: RTB Bor, Serbia's only copper mine, plans to cut nearly a third of its workforce and hire new management over the next five years to restore profitability against the backdrop of low copper prices, while planning to produce 500,000 tonnes of copper this year, up from 400,000 tonnes in 2015, an increase of about 25%.

Indonesia's mining ministry has issued a recommendation to the Indonesian subsidiary of U.
S.
copper-gold miner Newmont Mining to extend copper concentrate exports for six months
.

Overall, in terms of fundamentals, downstream chasing enthusiasm heats up, holders are willing to hold prices, the global copper supply surplus in the first three months is 77,000 tons, it is expected that the surplus will intensify after March, the domestic macro data in April fell across the board, the probability of the Fed raising interest rates in June or July warmed up, temporarily bearish copper prices, in the medium and long term, copper gradually entered the demand off-season, it is expected that before the September peak season, copper prices may continue to decline
.