May 17 Shanghai copper brief commentary

Following the release of domestic economic data for April on Monday, although it was much less than expected, the performance on the market showed that this part of the bearish has been priced
in advance in the price.
And benefiting from favorable policies including adjusting mortgage interest rates, follow-up demand expectations have been further raised, giving copper prices more upward momentum
in the rebound structure.
Separately, the UK released unemployment data for March, with fewer job losses than job openings
for the first time since records began.
After the data was released, the pound strengthened against the dollar in the short term, and the dollar index fell under pressure, which was positive for copper prices
.

In terms of supply and demand, the LME continues to accumulate stocks and TC is high, and there is no problem
on the supply side.
In terms of demand, it is still difficult to see a significant improvement month-on-month, and it remains to be seen the effect
of Shanghai's full resumption of work and production.
In terms of positions, both LME and COMEX are mainly
short.
Short-term maintain the oversold rally view, pressure level 72000
.
Bearish bears remain unchanged
in the medium and long term.
Operationally, it is recommended that merchants grasp the rebound market and pay attention to the rhythm of high-level shipments
.