Shanghai copper volatility is strong, and the market performance is cautious

On the industry front, Codelco, Chile's national copper company, the world's largest copper producer, said on Wednesday it had reached a new collective bargaining
agreement with the supervisory union at the Salvador small copper mine in northern Chile.

In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 30 ~ 120 yuan / ton, a flat water copper trading price of 47730 yuan / ton ~ 47820 yuan / ton, and a premium copper trading price of 47800 yuan / ton ~ 47900 yuan / ton
.
The performance of the nonferrous sector during the day was generally red, and Shanghai copper rose slightly to 47,700 yuan / ton line
.
At the beginning of the market, the holder intends to raise the price, the quotation is in the premium 40 ~ 120 yuan / ton, but the market reception atmosphere is not positive enough, some holders no longer insist on actively relaxing the price, good copper quotation reduced to 100 ~ 110 yuan / ton, traders can receive goods as low as 90 yuan / ton, flat water copper price at 30 yuan / ton, only individual traders for ISA and other brands to lower the level of quotation, downstream performance is not as good as the previous two days, wet copper due to the lack of supply to maintain a stable discount of 30 ~ discount 10 yuan / ton
。 Copper futures rose, the market performance was cautious, but most of the holders still showed obvious willingness to raise prices, and the market highlighted the stalemate pattern
.
Whether we can break the seller's pricing discourse, we need to pay attention to the follow-up copper supply change guidance and pay attention to the entry of imported copper
.

In terms of stocks, LME copper stocks stood at 194,250 tonnes on May 15, down 4,400 tonnes
from the previous session.
As of May 10, 2019, copper cathode stocks on the Shanghai Futures Exchange were 194,208 tonnes, down 17,422 tonnes
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.

The main 1907 contract of Shanghai copper was volatile during the day, as Sino-US trade tensions eased and short-term market sentiment warmed
up.
In the spot market, copper futures rose, and the market performance was cautious, but most of the holders still showed obvious willingness to hold prices, and the market highlighted the deadlock pattern
.
Whether we can break the seller's pricing discourse, we need to pay attention to the follow-up copper supply change guidance and pay attention to the entry of imported copper
.
In terms of operation, it is recommended that the Shanghai copper 1907 contract be maintained between 47300-48000 yuan / ton in the short term, high selling and low absorption, and the stop loss is 300 yuan / ton
each.