Shanghai copper's upward movement encountered obstacles, and the overall transaction was average

Industry: Hindustan Copper Ltd (HCL), India's state-owned enterprise and India's only vertically integrated copper miner, signed a memorandum of understanding with the Union Ministry of Mines on Monday outlining performance targets
for the 2019-2020 financial year.
The company said its copper production target for fiscal 2019-2020 was 5.
15 million mt, up 25%
year-on-year from 4.
122 million mt in the previous fiscal year.

In the market, the high of the US dollar fell, the London copper market opened high to 6,000 US dollars / ton after going low, and the Shanghai copper price was sorted
out along the 47,200 yuan / ton line.
The market has basically turned to the next month's invoice quotation, the spot premium continued the previous day's quotation, the holder quoted flat water ~ premium 50 yuan / ton, the overall performance of the market is weak, traders are still interested in the low-price flat water copper supply, flat water copper rose to 10 ~ 20 yuan / ton; Good copper supply is abundant, lack of favor, the quotation is lower to 30 yuan / ton, downstream to maintain rigid demand, wet copper supply is tight, quotation to discount 70 ~ discount 40 yuan / ton
.
Recently, the price difference between flat water copper and good copper has narrowed significantly, only in the range of 20~30 yuan / ton, which makes market trading more difficult
.
The overall transaction of the intraday market is general, the rebound of futures prices is blocked, spot does not show existing confidence for the time being, trade and downstream are cautious, short-term still shows a wait-and-see attitude, spot premium continues to stalemate pattern
.

Stocks: LME copper stocks stood at 185,825 tonnes on May 24, down 650 tonnes
from the previous session.
As of May 24, 2019, copper cathode stocks on the Shanghai Futures Exchange were 172,266 tonnes, down 15,697 tonnes
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.

The upward movement of the main 1907 contract of Shanghai copper encountered resistance during the day
.
In the spot market, the overall transaction is general, the price rebound of the futures is blocked, the spot has not shown existing confidence for the time being, trade and downstream are cautious, the short-term still shows a wait-and-see attitude, and the spot premium continues to stalemate the pattern
.
In operation, it is recommended that the Shanghai copper 1907 contract can consider selling high and low between 46500-47300 yuan / ton, and the stop loss is 300 yuan / ton
each.