May 16 London Morning Review

In terms of the market, as of May 15, the spot price of London copper was $5,520/ton, a discount of $20.
75/ton from the March contract; London copper stocks were 325,200 tons, down 4,225 tons from the previous day; copper stocks in the previous period were 71,900 tons, an increase of 248 tons from the previous day; measured by the closing price of Shanghai copper, the actual ratio of Shanghai copper 3 contract to London copper March contract was 8.
11 (import ratio was 8.
16), and the import loss was 116 yuan / ton (excluding financing income).

China's current "Belt and Road" meeting revealed a strong infrastructure plan signal, coupled with the weak trend of the US dollar to boost market confidence, overnight London copper shock rose through the $5600 line, once rushed to a new weekly high of $5637, the overall trend is more repeated, long and short competition is obvious, limited by the high inventory of limited gains, technical seems to have signs of rebound, pay attention to whether London copper can stabilize at the important support level
of $5600.