May 12 Copper Market Morning Review

On Monday, Shanghai copper first rose and then declined, and the main 2006 contract of Shanghai copper closed at 43500 as of the day, up 170, or 0.
39%.

Shanghai copper opened strongly to hit the high level during the day, and the price momentum weakened after midday and returned below the pressure level
.

China's economic data in April and continued state support for monetary policy continued to support copper prices, but as copper prices rose, the momentum of subsequent economic and consumption recovery began to be questioned
.

On Monday, the domestic copper spot premium fell back to 40-90 yuan, the market supply increased, consumption remained rigid, and with the continuation of time, the supply and demand relationship will continue to shift
to excess.
At present, the inventory of the previous period has maintained a downward trend, which has reached the inventory level of the same period of previous years, but it is worth noting that the feedback orders of copper companies have not improved for the time being, combined with the annual refined copper demand side to remain weak, copper prices still maintain a short and long short logic in the short term, or there is still a strong performance after the short-term downward shock, pay attention to whether the main buffer zone of 4.
3-43,500 can be formed, the operation is cautious and wait-and-see range, and the downstream is recommended to fast forward and fast out
.