The overall copper market is short The scrap copper market has poor transactions

On the macro front, China's PPI fell for the first time since October as commodity prices fell, while CPI returned to the "1 era"
in April.
China's April economic data showed weakness, indicating that China's economic recovery still needs further policy support
.
European Central Bank Mario Draghi said that the eurozone will continue to maintain loose monetary policy and has not considered exiting QE
for the time being.
From the current data, the eurozone economy is clearly improving, and downside risks have disappeared further, but in order to further stabilize, the QE policy will not change
.

In terms of spot, the early inventory surged, the domestic spot market supply continued to increase, although the downstream digestion of inventory process continues to advance, but the inventory is huge is difficult to digest in the short term, the excess situation is still prominent, with the recent weak operation of copper prices, market confidence has been suppressed, the willingness of holders to hold up the price is still strong, shipments have decreased, downstream demand has improved slightly, but downstream copper manufacturers are worried about the market repeatedly still insist on digesting their own inventory-based, the market buying gas continues to be weakened, today Guangdong electrolytic copper trading premium rose slightly, It shows that the supply and demand sides are deadlocked, and the transaction of low-priced sources is better
.

Scrap copper market, the supply of goods continues to be in short supply, users said that there is a general shortage of stock, the weak trend of copper prices has hit the enthusiasm of market procurement, holders hold goods and wait and see, reluctance to sell mentality is still obvious, downstream users due to environmental protection supervision generally cautious wait-and-see, a small number of orders purchased, market transactions are poor
.

Due to market concerns about the weakening of Chinese demand, Shanghai copper morning showed a weak rise weak consolidation, although once reported that BHP Billiton's Chilean copper mine is expected to strike in the future, but this good news is offset by the current high inventory, coupled with the recent US dollar continued to strengthen the pattern, copper prices under pressure trend is obviously frustrated, long and short funds are repeatedly scramble, some funds flee the situation, the current domestic funds continue to tighten, high inventories limit copper prices to rise, the upper average pressure is still obvious, it is expected that Shanghai copper in the range of 44800-45200 yuan weak shock
。