Short-term Shanghai copper continues to be weak in the box

In terms of external disk, the LME copper shock in March was warm
.
After opening at $5672 in the morning, it fluctuated from the highest point of $5686.
5, the amplitude gradually expanded, and the lowest point of $5639 rebounded and warmed up at noon, and the midday was volatile, and the domestic trading session closed at $5660
.

In terms of news, in the context of bank regulatory pressure and financial deleveraging, inventory pressure has declined, but the tightening of currency has continued to suppress copper prices
.
With the tightening of real estate credit in the banking industry, property sales have slipped, and front-end investment has also encountered some bottlenecks, and it is expected that the real estate situation in the second quarter will continue to decline
month-on-month.
Industrial situation, in April, the domestic smelters Chifeng Jinjian, Zhongyuan Gold, Yanggu Xiangguang, Yunnan Tin Industry were overhauled, but they have basically recovered, and the impact of output is small, with a total impact of about
5,000 tons.

Spot market: The intraday market trading is light
.
The market is generally bullish on the discount, traders are not active in shipments, manufacturers are even more unwilling to reduce prices, shipments are less
.
Downstream manufacturers remain on the sidelines in the face of volatile price trends and currently consume upfront inventory
.
The afternoon premium continued to fall compared with the morning, with good copper reported at B30-B50 yuan / ton, flat water copper B00-B20 yuan / ton, wet copper C50-C30 yuan / ton
.
According to the survey results, most traders hold a volatile view, and a small number of traders hold a downward view
.

At present, spot premiums continue to fall, wet copper turned to discounts, and the supply is relatively sufficient, but due to the general bullish discount in the market, smelters ship less and are unwilling to lower prices, while downstream is worried about the future price decline too sharply and hold on to the sidelines, currently consuming early inventory
.
From a technical point of view, the Shanghai copper 1706 contract, daily level, MA moving average short arrangement, daily K-line suppressed by the 10-day moving average, along the 5-day moving average downward, MACD trend line into the oversold zone
.
It is expected that short-term copper prices will continue to be dominated by weak shocks in the box, and a slight rise is not excluded, but the upper space is small
.