The main force of Shanghai copper is downward and recovers, and short-term recommendations are shocked

On the industry front, Rio Tinto's mine copper production increased 3% year-on-year to 143,900 tonnes in the first quarter, and Rio Tinto committed an additional US$302 million in the Resolution copper project in Arizona to support further mining, orebody studies and infrastructure
improvements.
If the mine is fully produced, it is expected to meet 25% of U.
S.
demand
.

In terms of the market, affected by the collective decline of U.
S.
stocks overnight, copper prices performed in a narrow range, and intraday Shanghai copper fluctuated
around the range of 49300-49400 yuan / ton.
On the first day after the change of month, the morning market quotation was firm, the holder reported a discount of 40-60 yuan / ton, the market inquiry was positive, good copper was especially favored by the market, the active buying transaction was around 60-70 yuan / ton, the quotation of flat water copper was raised to a discount of 30 yuan / ton, the market bought strongly, and the transaction was enthusiastic
.
After eleven o'clock, the sentiment of the holder raising the price was further fermented, and the copper quotation had been heard to 120 yuan / ton, and the price of flat water copper was close to flat water
.
The market transaction atmosphere has improved significantly, traders have led the tide of receipts, and the degree of downstream follow-up buying has increased
.
Based on the expectation of tight supply in the future market, the spot discount of flat water copper will be quickly collected
.

In terms of stocks, LME copper stocks stood at 191,750 tonnes on 15 April, down 675 tonnes
from the previous session.
As of April 12, 2019, copper cathode stocks on the Shanghai Futures Exchange were 245,178 tons, down 12,142 tons
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 rebounded during the day, and the decline in global copper explicit inventories provided support
for copper prices.
In the spot market, the transaction atmosphere has improved significantly, traders have led the tide of receipts, and the degree of downstream follow-up buying has increased
.
Based on the expectation of tight supply in the future market, the spot discount of flat water copper will be quickly collected
.
On the technical side, the Shanghai copper 1906 contract is still hovering in the volatility range, and the NACD indicator shows repeatedness, and the short-term recommendation is volatile
.