Market sentiment continues to be optimistic Copper prices continue to strengthen

In terms of macro, the epidemic situation in major countries except India has improved, and the resumption of work in Europe and the United States has continued to improve; Economic data in Europe and the United States continued to improve, speeches such as Warren Buffett boosted cyclical industries, Yellen denied hawkishness, and the dollar index retreated
.
In its semi-annual financial stability report, the Fed said that if risk appetite falls, asset prices may be prone to a sharp downside
.
Under the still accommodative policy, the US economy recovered strongly, and employment data exceeded expectations
.
However, the epidemic in India is more serious and there is still a risk of
getting out of control.

In terms of market, the spot market transaction is general, the copper futures record high, and the downstream market maintains rigid demand; Intraday intermediaries slightly adjusted prices and inquired about low transactions; The mainstream transaction of flat water copper is 90-100 yuan, and the source of wet copper is still scarce; High copper prices continue to weigh on spot volume
.

In terms of stocks, LME copper stocks have continued to decline recently, now falling to 130,750 tonnes, a more than one-month low
.
However, recently, the registered warehouse receipt has stopped falling and stabilized, and the cancellation of warehouse receipt has dropped
significantly.
Meierya Futures said that the current domestic supply is relatively sufficient, overseas supply is tight, LME copper inventory began to decline, and the proportion of warehouse receipts written off was high; After entering the traditional peak season in China, it still remains in a discounted state, demand recovery does not have a strong driving effect, May will be expected to further confirm the inflection point of domestic refined copper stocks, downstream will passively accept high copper prices to maintain production because of the terminal boom, copper prices in the demand season and overseas supply tight pattern is difficult to appear significantly down
.

On the news front, data released by China's General Administration of Customs showed that China's imports of wrought and rolled copper and copper products were 484,890 tonnes at the end of April, down 12.
2% from 552,317 tonnes last month, as copper prices rose to a 10-year high, deterring consumers
.
He Tianyu, a copper industry analyst at CRU, said China's copper imports in April, although lower than March's level, were still increasing year-on-year, as some of the previously delayed shipments arrived at ports, tight container supply and rising freight rates have eased
.