Shanghai copper high retreat short-term or fall into adjustment

Industry: According to foreign news on April 9, an adviser to the Peruvian indigenous community Fuerabamba said that on Tuesday, the community voted that the two-month blockade of the Las Bambas copper mine, owned by Minmetals Resources, will be suspended for two days
.

In terms of the market, the overnight Shanghai copper rush was blocked from pulling back, and copper prices continued to fluctuate
around 49,300 yuan / ton.
Holders in the morning market quotation premium 20-150 yuan / ton, the market continues to show a stalemate saw, good copper can be pressed to 130-140 yuan / ton, flat water copper holders quotation is more persistent, maintain a premium of 20 yuan / ton nearby, difficult to find a low-price source, wet copper maintenance quotation discount 80-discount 50 yuan / ton, downstream continue to buy at the dip, traders have the willingness to receive goods at a low price, but the space for price reduction is limited
.
The price spread continued to stabilize at about 130 yuan / ton in the next month, the quotation of cargo holders was stable, the price trend remained unchanged, and the actual transaction market conditions were still
deadlocked.
If the spread remains stable before delivery, it is difficult to change
the spot premium.

In terms of stocks, LME copper stocks stood at 198,275 tonnes on 9 April, up 725 tonnes
from the previous session.
As of April 4, 2019, copper cathode stocks on the Shanghai Futures Exchange were 257,320 tonnes, down 4,092 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Main positions: the top 20 long positions in the Shanghai copper 1906 contract 56721, +1055; short positions 67465, +2653
.
Mainstream long and short positions have both increased, among which the increase in short positions is more obvious
.

Shanghai copper retreated during the day, as the International Monetary Fund lowered its global economic growth forecast for this year, market optimism fell, and copper prices retreated
.
In the spot market, the downstream continues to buy on the dip, and although traders have the willingness to receive goods at low prices, the space for price reduction is limited
.
The price spread continued to stabilize at about 130 yuan / ton in the next month, the quotation of cargo holders was stable, the price trend remained unchanged, and the actual transaction market conditions were still
deadlocked.
On the technical side, the Shanghai copper 1906 contract is under obvious pressure near the 50,000 mark, and it may fall into an adjustment
in the short term.