Shanghai copper's main force is narrowly sorted out, and it is difficult to mention the weak market consumption

On the industry front, data released on Tuesday by China's General Administration of Customs showed that China's scrap metal imports rebounded 56.
25% in March from a low last month to 250,000 mt
.
Copper scrap imports increased by 66.
7% month-on-month, but total imports of 100,000 tonnes were also the second lowest monthly level
since June 2014.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 10-liter 100 yuan / ton, flat water copper trading price of 49120 yuan / ton - 49160 yuan / ton, and premium copper trading price of 49200 yuan / ton - 49260 yuan / ton
.
The center of gravity of Shanghai copper fell, and copper fluctuated
around 49,100 yuan / ton.
The morning market quotation was the same as the previous day's quotation at 10 yuan - 110 yuan / ton, continuing to be
deadlocked.
The market is still unresponsive, the inquiry atmosphere is also weak, the holder took the lead in relaxing the flat water copper quotation, from 10 yuan / ton to a discount of 10 yuan / ton and there is still room for price pressure, good copper reduction is limited, maintain a premium of about 90 yuan / ton quotation, the holder has no intention of expanding the wet copper discount, and the previous day to maintain stability at the discount of 70 - 40 yuan / ton
.

The weak characteristics of the copper plate are obvious, the spot market performance is weaker, not only the downstream receiving force is weak, speculation is also cautious, all near-month contracts continue to have almost no spread, the market only sees that the selling of cash is many and concentrated, the opening of the discount situation is difficult to attract and support, consumption is weak and difficult to mention, waiting for the plate can break the deadlock, enhance the enthusiasm of
trade speculation.

In terms of stocks, LME copper stocks stood at 189,225 tonnes on 18 April, down 1,425 tonnes
from the previous session.
As of April 19, 2019, copper cathode stocks on the Shanghai Futures Exchange were 236,734 tons, down 8,444 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Intraday Shanghai copper main force 1906 contract narrow finishing, spot market, downstream receiving force weakened, speculation also cautious, all front-month contracts continue to have almost no spread, the market only saw a lot of selling cash and concentrated, the opening of the discount situation is difficult to attract and support, consumption is weak and difficult to mention, waiting for the market can break the deadlock, enhance the enthusiasm of
trade speculation.
On the technical side, the Shanghai copper 1906 contract weakened, and the MADC indicator showed repeated trends, short-term attention to the support
around 49,000 yuan / ton below.