Shanghai copper continues the trend of consolidation and waits for guidance from the news

In terms of external trading, the People's Bank of China does not carry out open market operations, net withdrawal of 60 billion yuan, London copper opened at 5545.
5 US dollars / ton, Chinese stock and bond dealers fell across the board after the open, during the Asian session London copper around the daily average of 5547 US dollars / ton around a wide range of oscillations, European session, London copper began to fluctuate higher, all the way to 5574.
5 US dollars / ton, and then turned down, as of 18:42, London copper reported 5555 US dollars / ton, crude oil reported 45.
54 US dollars / barrel, The dollar index is at 98.
898, the trend of copper in the day before the release of the non-farm payrolls data trend stabilized, LME copper stocks continue to rise effect seems to have been exhausted, the last period of copper stocks decreased by 14130 tons, pay attention to the US non-farm data, given the United States employment situation is better forecast, non-farm data is more likely, the short atmosphere gradually dispersed, or can promote the rebound of copper prices, overall, it is expected that copper prices are expected to rebound at a low level, holding the low level of $5500 / ton, waiting for the opportunity to counterattack around $5600 / ton
。

On the macro front, the capital market continued to tighten, and bank overnight lending continued to reach new highs
.
The Fed's May meeting was hawkish, and market expectations for a rate hike in June increased
sharply.
Although the domestic stock market index is stable, individual stocks have fallen sharply, and the commodity market continues to plummet
.

In terms of the market, Shanghai copper continued to fall, the daily market gradually stopped falling, the basis of the next month only maintained within 40 yuan / ton, the profit of the hedging disk continued to ship, the supply of copper is abundant, the space for premium and then lifting is limited, coupled with the copper price further backward, the market has a fear of falling mentality, the downstream in yesterday's market after receiving goods, the amount of goods received has decreased, the transaction is not as good as yesterday.

In the afternoon session, Shanghai copper runs smoothly, and the number of market inquirers decreases, but the willingness of holders to hold prices remains stable, and the price is deadlocked, basically the same as in the morning session, flat water copper reported a premium of 50 yuan / ton - 60 yuan / ton, and a premium copper reported a premium of 70 yuan / ton - a premium of 90 yuan / ton
.

In terms of industry, according to the latest research report of the International Copper Research Group, world copper production increased by 1 million tons in 2016 to 20.
16 million tons, an increase of 5.
3%.

The increase in copper production was mainly due to the increase in copper mining capacity in Peru, which increased by 650,000 tons, or 38%.

Chile produced 378,000 tonnes of copper in March, down 23.
1% from a year earlier, according to data released by the Chilean government, as production fell
due to the world's largest copper mine strike earlier.
In terms of copper stocks, COMEX inventories have continued to rise recently, but both LME and Shanghai copper inventories have maintained a decline
.

On the whole, Shanghai copper maintained a low volatility market during the day, short orders in the early stage continued to hold, pay attention to setting up tracking take profit, the weekend is coming, short-term market sentiment is cautious, waiting for more guidance
in news.