January 19 Shanghai copper morning review

In terms of market: on January 18, Shanghai electrolytic copper spot reported a discount of 150 yuan / ton - 50 yuan / ton for the current month's contract, and the trading price of flat water copper was 46050-46270 yuan / ton
.
Based on yesterday's downstream receipt volume increased significantly, holders have raised prices to ship, now copper discount narrowed, good copper accounted for less, narrowing is particularly obvious, but wet copper brand lack of interest, still no signs of narrowing, and flat water copper spread spread, flat water copper brand price difference is large, the source of the current month and the next month's source to maintain a price difference of 20-30 yuan / ton, speculators operate less, downstream bargain entry into the market, the volume of receiving increased, the transaction improved
.

Inventories: As of January 13, Shanghai copper stocks in the previous period reported 170797 tons, a slight decrease of 764 tons per week, the first decrease in three weeks, but still close to the high set on September 2 last year, indicating that short-term domestic inventory pressure is still large
.

Overnight, the main oscillation of Shanghai copper stabilized to 46520 yuan / ton, and the performance resisted the decline in London copper, and still oscillated above the moving average group
.
But it also shows a rebound resistance to copper prices, as concerns about Brexit and Trump's policy outlook
.
It is recommended that the Shanghai copper 1703 contract can be backed above 45800 yuan to bargain price, enter the market reference around 46300 yuan, and target 47200 yuan / ton
.