The main force of Shanghai copper fell slightly, and the adjustment trend continued in the short term

Market focus: (1) The IMF forecasts that the global economy will grow by 6% this year, up from an estimated 5.
5% in January, of which the US economy will grow by 6.
4%, the fastest growth rate since the early 1980s; Global economic growth will narrow to 4.
4%
in 2022.
(2) On April 6, the spot dutiable inventory of electrolytic copper in the Chinese market was 332,200 tons, an increase of 03,900 tons from last Thursday and an increase of 14,800 tons
from last Monday.
(3) According to my nonferrous metal network, on April 6, the inventory of electrolytic copper in China's bonded zone was 428,000 tons, an increase of 6,000 tons from last Monday and an increase of 02,000 tons
from last Thursday.

Spot analysis: On April 7, the spot 1# electrolytic copper quotation was 66800-67000 yuan / ton, the average price was 66900 yuan / ton, down 230 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that the circulation of goods is limited, the low price is smooth, the downstream demand is weak, and the overall transaction is average
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 115,690 tons on Wednesday, a daily decrease of 1,176 tons; LME copper stocks were 143775 tonnes on 1 April, down 725 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2105 contract are 75767 lots, minus 2862 lots per day, short positions are 82716 lots, daily minus 272 lots, net short positions are 6949 lots, daily increase of 2590 lots, long and short are reduced, net space increases
.

Market research: Shanghai copper 2105 fell
slightly on April 7.
The US dollar index retreated
under pressure as the US services PMI data recorded the fastest growth rate on record for March, boosting risk sentiment and weakening inflation expectations as a strong US jobs report also weakened inflation expectations.
Global copper smelting activity fell to its lowest
level in at least five years in March due to the closure of borders in Chile due to the pandemic, heightened concerns about copper mine supply and continued downward cuts in processing fee TCs.
At present, downstream demand is still weak, and domestic copper inventories have not yet entered a downward channel, but domestic demand is gradually recovering after the Spring Festival holiday, and the demand season is still expected, and copper prices continue to adjust.

Technically, the Shanghai copper 2105 contract runs above the moving average group, and the mainstream bulls reduce their positions more and expect strong short-term volatility
.