Shanghai copper bottoming out and rebounding height is limited

Externally: intraday London copper around 5711 US dollars / ton around narrow fluctuations, of which 3 months London copper flat to 5712 US dollars / ton, currently London copper trading at the average intertwined, and from this round of pullback low of 5530 US dollars / ton up 3.
49%, the upper rebound resistance focus on 5850 US dollars / ton
.
In terms of positions, on April 26, the position of London copper was 332,000 lots, a daily decrease of 858 lots, a cumulative decrease of nearly 15,000 lots in the past week, during which copper prices fluctuated slightly, indicating that bears actively took profits on
dips.

On the macro front: The Asian dollar index is trading around 99.
05, near the low set on November 11, 2016
.
The latest data showed that the US existing home sales index fell 0.
8% month-on-month in March, compared with an expected decline of 0.
1% and a 5.
5%
increase in the previous month.
In terms of industry, PT Freeport Indonesia, an Indonesian subsidiary of Freeport Macmillan, resumed copper concentrate exports
after obtaining an export license.

Spot: On April 28, Shanghai electrolytic copper spot reported a discount of 40 yuan / ton - 10 yuan / ton for the monthly contract, and the trading price of flat water copper was 46140-46240 yuan / ton
.
On the last trading day before the May Day holiday, the market has shown the characteristics of light before the holiday, the number of quotations has decreased significantly, and the holders have no intention of enlarging the discount and have no intention of switching cash in a hurry, so the morning market quotation is strong
.
In the second trading session, the market fell back 100 yuan, and the bidders have raised the good copper to 10 yuan / ton, although there are few responders, but the strong attitude is clear
.
Most of the intraday transactions are sporadic downstream bulk order replenishment, traders are limited to warehouse logistics and bank settlement to avoid risks to reduce transactions, and the festive atmosphere has been strong
.
Returning after the holiday, the spot may be fully premium
.

The Shanghai copper 1706 contract oscillated to 46330 yuan / ton during the day, partly boosted by the pressure of the US dollar index, but its upward momentum is still weak, the rebound height is limited, and the operation still needs to be cautious
.
April 28 is the last trading day before May Day, pay attention to the performance of
the external market during the holiday.