Shanghai copper low weak finishing The downward trend has not changed

Externally: Asian London copper around 5550 US dollars / ton weak oscillation, of which the 3-month London copper operating range of 5565-5524 US dollars / ton, now slightly up 0.
11% to 5552 US dollars / ton, this Wednesday London copper plunged 3.
68%, indicating that the upper selling pressure is heavier
.
In terms of positions, on May 3, the position of London copper was 344,000 lots, an increase of 5,322 lots per day, and the increase in positions of London copper fell this week, indicating that when the divergence between long and short increased, bears dominated
by bears.

Macro: The Asian dollar index is trading around 98.
8, near the low set on November 9, 2016
.
The U.
S.
House of Representatives voted narrowly to pass a bill to repeal and replace Obamacare, avoiding a shutdown
.
Tonight, focus on the US non-farm payrolls data for April, thereby guiding
whether the Fed will raise interest rates in June.
In addition, the second round of voting in the French presidential election this Sunday, with a high
probability of Mark winning.
In terms of industry information, the cumulative import of copper cathode in the United States from January to March was 197549 tons, an increase of 55,943 tons or 39.
5% year-on-year; During the same period, the cumulative export of copper cathode in the United States was 15,664 tons, a year-on-year decrease of 29,918 tons or 65.
6%.

Data show that the United States has increased its cathode copper imports year-on-year this year, while exports have decreased, indicating that US copper import demand has rebounded
.

In terms of market: on May 5, Shanghai electrolytic copper spot traded a premium of 50 yuan / ton - 100 yuan / ton for the current month's contract, and the transaction price of flat water copper was 45160 yuan / ton - 45240 yuan / ton
.
Daily Shanghai copper gradually stopped falling, the basis of the next month only maintained within 40 yuan / ton, the profit of the hedging order continued to ship, the supply of copper is abundant, the space for further lifting of the premium is limited, coupled with the copper price further backward, the market has a fear of falling mentality, the downstream in yesterday's receipt, the amount of goods received has decreased, the transaction is not as good as yesterday.

During the day, the Shanghai copper 1706 contract oscillated to 44980 yuan / ton, continuing to be suppressed by the rise in London copper inventories and the decline in China's manufacturing and service PMI, and the current copper price fell back below the moving average group, and it is necessary to be wary of technical selling pressure in the short term
.
It is recommended that the Shanghai copper 1706 contract can be backed by 45800 yuan below the sky, the entry reference is around 45300 yuan, and the target is around
44600 yuan.