Shanghai Copper's Main Force Declines and Rebounds The economic outlook is still facing uncertainty

Market focus: (1) The US consumer price index CPI fell by 0.
8% in April and 0.
4%
in March.
(2) Fed Chairman Jerome Powell will speak on economic issues in the evening, and the market looks for clues
about the Fed's negative interest rate.
(3) Zambia temporarily closed its border crossings with Tanzania, and copper export operations shipped through Dar es Salaam, the capital of Tanzania, were delayed
.

Spot analysis: On May 13, spot 1# electrolytic copper was quoted at 43020-43140 yuan / ton, with an average price of 43080 yuan / ton, down 500 yuan / ton
per day.
The intraday monthly difference narrowed significantly, the willingness of holders to sell weakened, the discount narrowed rapidly, approaching delivery, the activity of traders increased, and the decline in copper also attracted downstream bargain bargaining replenishment, and intraday trading continued to show a gradual improvement trend compared with the previous two days
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,916 tons on Wednesday, an increase of 1,368 tons per day; On May 12, LME copper stocks were 22,975 tons, down 11,925 tons per day, down 13 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 79351 lots, a daily increase of 1674 lots, short positions are 82260 lots, daily minus 73 lots, net short positions are 2909 lots, daily minus 1747 lots, more increase and short, net space decrease
.

As many countries around the world plan to restart their economies, fears of a second outbreak of the new crown epidemic have risen, and the global economic outlook remains highly uncertain, although positive news from WHO has eased market sentiment
.
At present, the supply of upstream copper mines is still tight, copper processing fee TC has fallen to a historical low, and profit compression has limited smelting; Although the demand for downstream overseas orders has declined, domestic demand has recovered rapidly, and global copper explicit inventories have continued to deteriorate, supporting copper prices
.
In terms of spot, the willingness of holders to sell weakened, the activity of traders increased, and the decline in copper also attracted downstream bargain hunting
.
Technically, the mainstream position of Shanghai copper in 2006 increased and decreased more, and the daily MACD red column contracted, and the short-term shock is expected to be weak
.