Downstream consumption is flat, and copper prices have received limited support

In terms of external trading, London copper opened at 6846 US dollars / ton, and the initial test of the low rebounded, touching 6865 US dollars / ton
.
After a narrow range of fluctuations along the daily moving average of 6855 US dollars / ton, it slowly fell in the afternoon, and the decline ended after testing the low of 6841.
5 US dollars / ton
.
Entering the European session, the US dollar once again began to fall, copper prices gradually rose, the center of gravity rose to 6875 US dollars / ton first-line sorting, during the period touched 6887 US dollars / ton
.
Although LME copper stocks increased by 2,125 tons during the day, it should be noted that LME copper warehouse receipts increased sharply by 30.
72%, while the cancelled warehouse receipts have increased for 6 consecutive trading days, and the decline in future market inventories can be expected
.

In terms of the market, overnight Shanghai copper followed Lun copper fell nearly 500 yuan / ton, morning market holders tried to narrow the discount, but because no one responded, the blink of an eye dropped to the previous day's level of good copper discount about 30 yuan / ton, flat water copper discount 90 ~ 80 yuan / ton, the market showed that the price difference between the current monthly ticket and the next monthly ticket nearly 20 yuan / ton, the monthly ticket quotation is relatively firm, if the next monthly ticket source still has room for price pressure, the maximum flat water copper can be reduced to a discount of more than 100 yuan / ton, wet copper can flow out of the supply is limited, narrow fluctuations in the discount of 140 yuan / ton / tons or so
.
Although the market has adjusted, the main contributors to market transactions are still traders who seek to make up votes, and the downstream remains stable and demanding
.
Lack of highlights
.
In the afternoon session, the market did not change much, the market was short of buying interest, and the holders had no choice but to lower the quotation of the source of monthly passes, and there was still no one to ask
.

In terms of inventory, as of May 24, the SSE futures inventory was 148907 tons, down 102 tons
from the previous day.
LME copper stocks were 300125 t, up 2,125 tonnes
from the previous day.
LME copper write-off receipts increased by 30.
72% today to 93,725 tons, an increase of 41,775 tons for six consecutive trading days, or 80% from May 17, while LME copper stocks were almost unchanged and remained around
300,000 tons.

Industry information, data from the International Copper Research Group (ICSG) shows that the world's refined copper surplus in the first two months of this year was 110,000 tons, down 12.
8%
year-on-year.
In the first two months, the world's mine copper production was 3.
25 million tons, an increase of 4.
8%
year-on-year.
Among them, concentrate copper production increased by 4.
5%, and solvent extraction electrolytic copper production increased by 6%.

Capacity utilization was 82.
6% in February, up from 81.
2% in January but down from 88%
in December.

At present, although copper market inventories have declined, downstream consumption is flat, the boost to copper prices is limited, and the spot discount pattern continues
.
Technically, the daily K-line fell below the 10-day moving average, but it is still in the shock range, and the Shanghai copper shock is expected to be weak, and the effective support of the 51000 line is for reference
only.