Short-term copper prices maintain a volatile trend Pay attention to the follow-up of Sino-US trade negotiations

In terms of the market, Shanghai copper under pressure of 51,000 yuan / ton, the basis of the next month to maintain stability at about 220 yuan / ton, the morning market quotation of the holder flat water ~ premium 40 yuan / ton, traders based on the factors of close delivery and large basis, interested in good copper, the market was pressed by traders with the intention of receiving goods to a premium of 20 ~ 30 yuan / ton, and then flat water copper was pressurized, flat water is difficult to maintain stability, there was a discount of 10 yuan / ton of transactions, wet copper self-discount 60 yuan / ton was reduced to a discount of 80 ~ 90 yuan / ton range
。 There is no external market on Monday, the domestic futures performance is narrow finishing, downstream more wait-and-see, maintain just demand, market trading is still speculative contribution to some traders, although the supply is loose, but the quotation still shows a certain price sentiment, especially flat water copper is not willing to discount too much, the market still shows a tug of war characteristics
on Monday.
In the afternoon session, the market rose to the 51,000 yuan / ton mark, the inquiry atmosphere was even rarer, individual holders in order to exchange cash helplessly slightly lowered the flat water copper quotation, good copper price is still the same, the stalemate continues, the market activity is poor
.

In terms of stocks, COMEX copper stocks 252016 short tons as of May 4, an increase of 505 tons from the previous day; LME copper stocks were 311375 tonnes, down 5,025 tonnes from the previous day; As of May 7, SSE futures inventories were 143875 tons, an increase of 1,752 tons
from the previous day.

Industry news, the eleventh batch of restricted import solid waste approvals were released, only one scrap copper related enterprise, located in Qingyuan area, Guangdong, obtained a batch of 0.
6862 million tons
.
Last year, a total of 11 batches were issued, but due to the irregular number of batches issued each year, it is impossible to judge
whether there will be follow-up approvals this year.
Up to now, a total of 3.
01 million tons of approvals have been issued last year, and a total of 470,500 tons of approvals have been issued in the first 11 batches of this year, down 84% from last year; In March, the import volume of scrap seven types of copper fell by about 70%
year-on-year.

The recent surge in the U.
S.
dollar index to a four-month high weighed heavily on metal prices, and the market focused on the outcome of Sino-US negotiations, and the overall trading sentiment was cautious
.
From a fundamental point of view, the current consumption has improved, basically in line with seasonal characteristics, and formed a support
for copper prices.
However, in the short term, there is no driving factor for a sharp rise, and its trend still gradually follows the verification
of macro and demand.
It is expected that copper prices will maintain a volatile trend in the short term, and pay attention to the follow-up of
Sino-US trade negotiations.
FYI
.