The main force of Shanghai copper continues to rise Supply and demand may show a tug-of-war

In terms of industries, at the invitation of US Trade Representative Lighthizer and Treasury Secretary Mnuchin, Liu He, member of the Political Bureau of the CPC Central Committee, Vice Premier of the State Council and leader of the Chinese side of the China-US Comprehensive Economic Dialogue, will visit the United States on May 9 and 10 to hold the 11th round of consultations
with the US side on economic and trade issues.

Spot analysis, Shanghai copper low rebound, copper prices along the 48300 yuan / ton a line of shock, morning market holders quotation positive, the market reported a premium of 20-120 yuan / ton, spot market buying is still weak, the market helpless to lower the quotation, flat water copper premium 10-20 yuan, good copper quotation to 100 yuan / ton of
premium.
If traders are willing to receive goods, good copper and flat water copper have room for price reduction, and wet copper slightly lowered the quotation discount by 60-40 yuan / ton
compared with the previous day.
Downstream following the previous day's partial dip receiving point price, intraday market rebounded downstream stopped again, the next month price difference still has no arbitrage space, speculators buy very little
.
Due to the abundant supply of goods, the buying is weak, the bears still control the market, trade activity is correspondingly reduced, Pingshui copper is close to the Pingshui pass, supply and demand may once again appear in a tug-of-war
.

In terms of stocks, LME copper stocks were 228,275 tonnes on May 3, down 3,675 tonnes
from the previous session.
As of April 30, 2019, copper cathode stocks on the Shanghai Futures Exchange were 211,630 tonnes, down 8,049 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

The main 1906 contract of Shanghai copper continued to rise during the day, as the macro bearish news was gradually digested by the market, and copper prices continued the trend of recovery in the previous day
.
In the spot market, the downstream after the previous day's partial bargain receiving price, the intraday market rebounded downstream stopped again, the next month price difference still has no arbitrage space, speculators buy very little
.
Due to the abundant supply of goods and the weak buying interest, the bears still control the market, trade activity is correspondingly reduced, and supply and demand may once again appear a tug-of-war
.
Operationally, it is recommended that the Shanghai copper 1906 contract can consider selling high and low between 47800-48500 yuan / ton, and the stop loss is 300 yuan / ton
each.