The main contract of Shanghai copper increased its position and fell back, showing the characteristics of a common decline in the future

On the industry front, the International Copper Study Group (ICSG) said in its latest monthly report that the global refined copper market was short of 8,000 tonnes in January, compared with an oversupply of 11,000 tonnes
in December.
The refined copper market was short of 1,000 tonnes
in the same period last year.
In January, global refined copper production was 2.
05 million mt and consumption was 2.
06 million mt
.
China's bonded warehouse copper stocks are 11,000 tonnes over, up from 24,000 tonnes
in December.

Spot analysis, Shanghai electrolytic copper spot contract discount of 30 ~ liter 80 yuan / ton, flat water copper transaction price 48940 yuan / ton ~ 49060 yuan / ton, premium copper transaction price 49030 yuan / ton ~ 49150 yuan / ton
.
The dollar rose to a high of 97.
8 overnight, a new high since May 2017, and Shanghai copper followed the decline, and Shanghai copper broke 49,000 yuan / ton
.
There are many market shippers, morning market holders from flat water ~ premium 90 yuan / ton began to quote, but because yesterday has begun to show the source of discounted supply, completely lack of response, in a blink of an eye actively adjusted to discount 20 ~ liter 70 yuan / ton, the market buying interest is still low, helpless to appear holders competing to reduce the price situation, concentrated transaction in flat water copper discount 30 yuan / ton and there is still room for price pressure, good copper quotation premium 60 ~ 70 yuan / ton, the market response is cautious, wet copper in a large number of individual traders under the low price dumping, the quotation from the morning discount 70 ~ 60 yuan / The ton was reduced to a discount of 100 ~ 90 yuan / ton
.

In terms of stocks, LME copper stocks were 188,300 tonnes on 23 April, down 925 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.

During the day, the main 1906 contract of Shanghai copper increased its position and fell, and the current supply of abundant willingness to exchange cash increased to break the long-standing deadlock pattern of supply and demand, and the spot discount expanded all the way, showing the characteristics of a common decline in futures and cash, and once again showed the characteristics
of oversupply.
Front-month contracts remain almost unspread, leaving traders speculative and downstream consumption weak
.
Technically, the Shanghai copper 1906 contract continues to weaken, and the MADC indicator shows that the green column is amplified
.
Operationally, it is recommended that the Shanghai copper 1906 contract be short around 49000, and the stop loss refers to 49300.