There is no good news in the market for the time being, and Shanghai copper will maintain a range-bound trend

In terms of external trading, London copper opened at 6870 US dollars / ton, and at the beginning of the session it ran along the 6880 US dollars / ton line, trading lightly, and the center of gravity moved
down slightly.
The strengthening of the US dollar dragged copper prices all the way down, testing down 6844 US dollars / ton, touching the 40-day moving average to recover, and after the end of the Asian market until entering the European session, the range of volatility around the daily moving average increased
.
LME copper stocks edged up 1,375 tonnes, and the market reacted
calmly.
As of 16:30, London copper was trading at $6,856 a tonne, the dollar index at 92.
748, and U.
S.
crude at $70.
94 a barrel
.
The US 10-year Treasury yield broke 3 again, and the dollar had momentum to recover
.
However, from the technical perspective of London copper, the current London copper stands at the 40-day moving average, and the adhesion of the upper 20-day and 60-day moving averages forms pressure, and it is difficult to get rid
of the Lun copper trapped between the moving averages.

In terms of the market, the last trading day of the 1805 contract, the price difference of the next month is still about 150 yuan / ton, the market supply is abundant, most of them wait for the discount source after the change of month, the holder lowers his posture early in the morning, good copper quotation premium 50 yuan / ton, flat water copper is difficult to say premium, quotation flat water, but the market wait-and-see atmosphere is strong, buying is seriously weak, the holder has no choice but to reduce the good copper premium 30 ~ 40 yuan / ton, flat water copper discount about 10 yuan / ton, imported PASAR, Indian discount 40 yuan / ton, Although the supply of wet copper is still limited, it must still be reduced to a discount of 60~50 yuan / ton to have a transaction attractiveness
.
Faced with delivery, the market transaction is weak, and some holders have discounted 150~100 yuan / ton for the 1806 contract in order to seek the transaction
.
In the afternoon session, as the market fell, the willingness of holders to trade declined, and the market occasionally traded at a low price, and the overall wait-and-see mood was pervasive and the activity was low
.

In terms of stocks, as of May 14, COMEX copper stocks 250262 short tons, down 315 tons from the previous day; LME copper stocks were 289975 tonnes, up 8,900 tonnes from the previous day; As of May 15, SSE futures inventories were 149037 tons, down 520 tons
from the previous day.

LME copper stocks ended a dozen consecutive days of decline, up 8,900 tonnes
.
The center of gravity of copper prices has shifted
downward.
The main locations of the change are Kaohsiung, Busan and Singapore warehouses, and it is interesting to see whether the handover behavior
will continue in the later stage.
At present, although copper supply and demand show certain seasonal characteristics, which supports copper prices, the US dollar remains strong and short-term supply is abundant to copper prices, and copper prices will maintain a range-bound trend
in the near future under the stimulation of no favorable news.