The main force of Shanghai copper continues to recover, and it is expected to turn into a rebound in the short term

Industry: China's imports of copper ore and its concentrate in April were 1.
66 million tons, up 6.
8% from the same period last year, according to data released by the General Administration of Customs of China.
From January to April, the cumulative import volume was 7,243,261 tons, an increase of 16.
7%
year-on-year.
China's imports of unwrought copper and copper products in April were 410,000 tons, down 8.
3% from the same period last year.
From January to April, the cumulative import volume was 1.
59 million tons, a year-on-year decrease of 5.
3%.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 10 ~ liter 60 yuan / ton, flat water copper transaction price of 47060 yuan / ton ~ 47100 yuan / ton, and premium copper trading price of 47080 yuan / ton ~ 47140 yuan / ton
.
On Monday, the London copper market was closed, and domestic performance commodities were red across the board, and Shanghai copper stood above
47,000 yuan / ton.
Entering the last week of May, the proportion of invoices in the next month increased significantly, the next month's invoice holders are eager to exchange cash, the morning market good copper quotation premium of about 50 yuan / ton, flat water copper premium of about 10 yuan / ton, inquiry atmosphere is light, the transaction is calm, next month invoice holders take the initiative to reduce shipments, good copper dropped in the premium 30 ~ 40 yuan / ton, flat water copper hard flat water near the quotation
.
However, some traders sold a large number of goods at low prices, attracting some of the traders' buying interest at ultra-low prices, thus dragging down the entire market quotation, and around 11 o'clock, the flat water copper with a small discount in the market is no longer rare
.
Next month's invoice of wet copper fence quotation discount 80 ~ discount 60 yuan / ton
.
Downstream replenishment is small, because the market still has demand for the current month's invoice supply, some holders insist on the current month's invoice quotation, which is generally about 20 yuan / ton higher than the next
month's invoice.
There are few market recipients, supply will be further relaxed, near the end of the month, the pressure from funds has accelerated the willingness to exchange cash, and the spot discount will still be pressured downward
.

In terms of stocks, LME copper stocks were 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 main 1907 contract of Shanghai copper continued to rise during the day, and in the spot market, the downstream replenishment was less, because the market still had demand for the source of the current month's invoice, and some holders insisted on the current month's invoice quotation, which was generally about 20 yuan / ton higher than the next
month's invoice.
There are few market recipients, supply will be further relaxed, near the end of the month, the pressure from funds has accelerated the willingness to exchange cash, and the spot discount will still be pressured downward
.
On the technical side, the main 1907 contract of Shanghai copper continued to rise, regaining support at the 47000 mark, and it is expected to rebound
in the short term.
In terms of operation, it is recommended that the Shanghai copper 1907 contract can consider choosing a short opportunity around 47,000 yuan / ton, and the stop loss refers to 46,500 yuan / ton
.