Shanghai copper continues the pullback trend The upward pressure is obvious

In the external market, Asia Lun copper was unable to rebound, of which the 3-month LME copper fell 0.
43% to $4820 / ton at the close of the Shanghai copper market, which was the third consecutive day of decline, and the current London copper is only barely located near M60, and continue to pay attention to the technical support
of the line change during the day.

Macro: Caixin China's services PMI fell 0.
4% month-on-month in April, but the service sector employment index rebounded sharply and returned above the 50-and-boom line
.
Continued expansion in the services sector can help hedge against the impact of the manufacturing downturn, but overall, the economy still faces greater downward pressure, and the government should continue to maintain appropriate stimulus to avoid a hard landing
.

In terms of the market, on May 5, Shanghai electrolytic copper spot reported a discount of 10-liter water 20 yuan / ton, and the transaction price of flat water copper was 36820-36960 yuan / ton
.
Now the copper quotation is changed from discount to premium, good copper opens the market to report a premium of 20 yuan / ton, flat water copper report discount of 10 yuan / ton is collected
in seconds.
Trading was active
at the beginning of the morning.
Downstream due to the sharp decline in the market, just need to replenish more active
than before.
The recovery in early trading led to an increase in the proportion of imported copper market and an increase
in market supply varieties.
The overall bullish sentiment of the copper market continues to push, but the rapid rise of the premium also inhibits trade flows, and the market conditions first rise and then suppress.

Industry: the cumulative export of copper cathode in the United States from January to March was as high as 45,582.
6 tons, a year-on-year jump of 283%; During the same period, the cumulative import volume of copper cathode reached 141606 tons, down 24.
1%
year-on-year.
As the world's second largest copper consumer, the net import of copper cathode in the United States has continued to decline since July last year, and the increase in exports may mean that the domestic consumption demand for copper in the United States has declined
.

Overall, Shanghai copper fell below the moving average group again, indicating that the upper selling pressure was heavier, mainly suppressed by the poor performance of the global manufacturing PMI, and the short-term operation idea needed to change
.
It is suggested that the Shanghai copper 1607 contract can be backed by 37,500 yuan below the sky, and the target is 36,000 yuan / ton
.