The non-ferrous sector has picked up, and the main force of Shanghai copper has stopped falling and risen

On the industry front, Chile's state-run mining giant Codelco on Thursday denied reports
that the company was facing a decline in production due to the conversion of its Chuquicamata mine to underground mining.
Instead, the world's largest copper producer said it plans to maintain production at current levels
of around 1.
7 million mt/year over the next decade.

In the market, US economic data weakened, and the US dollar retreated from above 98, boosting the low of Shanghai copper to 46900 yuan / ton
.
On the last trading day of the long order, most enterprises have been delivered, the willingness of the holders to ship at the high is eager, the morning quotation premium of 70~110 yuan / ton is difficult to trade, there is a downward trend, flat water copper down to 50~60 yuan / ton, good copper quotation premium 90~100 yuan / ton, but still difficult to attractive
。 In the second section of the trading stage, the plate fell slightly, the willingness of holders to exchange cash was further improved, and there was a low quotation dumping of the next month's invoice, which dragged down the transaction of the current month's invoice, flat water copper was forced to reduce to a premium of 40 yuan / ton, good copper was reduced to 80 yuan / ton, all have room for price pressure, downstream buying is scarce, wet copper returns to the discount again, the quotation discount is 30 yuan / ton ~ flat water
.
Next week's imported copper has been stored, the market supply will have further growth, and the market is still bearish on the future market copper price, next week and facing the end of the month, the increase will fall more rapidly under the oversupply, and the spot premium will be difficult to ensure
next week.

Stocks: LME copper stocks stood at 186,475t on May 23, down 1,225t
from the previous session.
As of May 17, 2019, copper cathode stocks on the Shanghai Futures Exchange were 187,963 tons, down 6,245 tons
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 stopped falling and rebounded during the day, as the dollar index retreated and the non-ferrous sector picked up
.
In the spot market, downstream buying is scarce, wet copper returns to the discount again, and the quotation is discounted at 30 yuan / ton ~ flat water
.
Next week's imported copper has been stored, the market supply will have further growth, and the market is still bearish on the future market copper price, next week and facing the end of the month, the increase will fall more rapidly under the oversupply, and the spot premium will be difficult to ensure
next week.
In terms of operation, it is recommended that the Shanghai copper 1907 contract can consider selling high and low between 46500-48000 yuan / ton in the short term, and stop loss 500 yuan / ton
each.