Shanghai copper maintained a volatile trend in the short term, waiting for news guidance

In terms of external trading, London copper opened at 5541.
5 US dollars / ton, the Asian session London copper running smoothly, around the daily average of 5540 US dollars / ton around a wide range of shock, the end of the Asian market, the last period of copper stocks fell 20238 tons, LME copper stocks fell 7350 tons, London copper in the long position increase, short-term rush to 5568.
5 US dollars / ton, and then long profit liquidation, copper prices under pressure pullback, as of 18:30, London copper reported 5543 US dollars / ton
。 Intraday London copper showed a wide range of volatility trend, pay attention to the US April CPI data, expected 2.
3% year-on-year, core CPI 2% year-on-year, the US dollar is strong judgment, recent and copper price performance synchronization, London copper three consecutive Yang after standing on the 5-day moving average, the operating range rose to the 5-10 day moving average new range
.

In terms of the market, Shanghai copper was flattened, and holders were still trading at high prices before the weekend, and the supply of copper was abundant, but with the sluggish market consumption for several consecutive days, the quotations of holders in the day were slightly loosened compared with previous trading days, and the premium showed signs of narrowing slightly, speculators reduced prices to absorb a small amount of supply to deliver long orders, and downstream on-demand was mainly seen, and there was no improvement
.
In the afternoon session, the market quotations decreased, and the flat water copper premium rose slightly to 30 yuan / ton - 40 yuan / ton, the good copper premium remained stable at 40 yuan / ton - 50 yuan / ton, and the transaction price remained stable at 44950 yuan / ton - 45030 yuan / ton
.

In terms of stocks, COMEX copper stocks were 154,541 short tons as of May 11, up 12 short tons from the previous day; LME copper stocks stood at 336,725 tonnes, down 2,475 tonnes
from yesterday.
As of May 12, SSE futures inventories were 71,695 tons, down 605 tons
from the previous day.

Since President Xi proposed the Belt and Road Initiative in 2013, with the enhancement of national influence, Chinese enterprises have gradually increased investment opportunities in overseas infrastructure, power and other aspects, effectively supporting the growth of non-ferrous metal market demand led by copper and aluminum, which is good for copper prices
.

At present, the pressure on copper inventories has eased slightly during the week, copper prices have rebounded slightly, the probability of interest rate hikes in April in April has increased sharply, domestic capital continues to be tight, and macro is still short to put pressure
on copper prices.
The Belt and Road Forum for International Cooperation will be held in Beijing on May 14-15, and the market will pay attention to a series of policy periods that may be matched during the meeting, which will be favorable for copper prices
.