The positive effect faded, and copper prices ended negative

In terms of external trading, after the successful conclusion of the Belt and Road Summit, the positive effect on copper prices has gradually faded, London copper opened at 5597 US dollars / ton, after the opening copper price along the daily moving average declined, and then in the 5580 US dollars / ton after a slight consolidation continued to probe, low to 5563 US dollars / ton, European session, with the decline of the US dollar index, copper prices low back, but still blocked at the 5600 US dollar mark, as of 18:05, London copper reported 5585 US dollars / ton
。 Intraday London copper closed negative, the positive effect of the Belt and Road Summit on copper prices dissipated, and returned to shock consolidation in the short term, and London copper is still in the 10-20-day moving average range oscillation
.

On the macro front, according to the official website of the People's Bank of China, the central bank will carry out 150 billion yuan of 7-day reverse repurchase operations and 40 billion yuan of 14-day reverse repurchase operations
in the open market on Tuesday.
Within the day, the central bank's open market will have 20 billion reverse repurchases expiring
.
China's central bank invested a net of 170 billion yuan during the day, the largest in
nearly four months.

In terms of the market, Shanghai copper turned up to fall, after the change of month, the holder actively exchanged cash, the current copper supply is still abundant, the proportion of low-end wet copper supply has increased, highlighting the financial pressure of importers, middlemen due to long-term order demand into the market to reduce prices, downstream receiving volume slightly increased, the overall transaction is general
.
In the afternoon, the market was low, the price mentality of the holders rose again, the number of quotations decreased, the liter discount was slightly retracted, the flat water copper newspaper discount 40 yuan / ton - discount 20 yuan / ton, good copper newspaper discount 10 yuan / ton - flat water, the transaction price slightly reduced to 45020 yuan / ton - 45170 yuan / ton
.

In terms of industry, Chile's national copper said that its Salvador copper mine was affected by severe rain and snow over the weekend, and the copper mine suspended operations for two days and resumed normal production together on Monday, which produced a total of 63,000 tons
of copper last year.
According to the survey data of Shanghai Nonferrous Metal Network, the average operating rate of copper enterprises in April increased by 2.
41% to 74.
47% month-on-month, and it is expected that the poor operation of the copper rod market this year will drag down the overall operating rate of copper enterprises in May, and it is expected that the operating rate of copper enterprises will decline to 74.
03%
in May.

Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds and the joint supervision of the financial industry have been putting pressure on the copper market, and the downstream has always entered the market in the peak consumption season, with the end of the consumption season, the supporting role of terminal consumption on copper prices will gradually weaken, and the medium-term maintenance of a bearish idea, short-term domestic economic data weakness or bring financial supervision is expected
to be briefly relaxed.