Shanghai copper may maintain range-bound operation in the short term

Abroad, the U.
S.
Department of Commerce said it would ban U.
S.
companies from selling parts, goods, software and technology to ZTE for up to 7 years, and the technological cold war escalated
again.
The US dollar continued to be weak during the day, and the high level of London copper fluctuated, at 15:00 Beijing time, the latest quotation of London copper was 6900 US dollars / ton, up 17 US dollars, or 0.
24%.

In terms of the market, spot copper prices rose, premiums further expanded, and holders shipped positively, but there were still many market watchers and fewer
transactions.
In the first quarter, real estate development investment was 2.
13 trillion yuan, a year-on-year increase of 10.
4%, a three-year high, an increase of 0.
5 percentage points over January-February, or will drive copper consumption growth
.
During the day, the copper price of Yangtze River Nonferrous Network 1# was reported at 50920 yuan / ton, up 510 yuan, and the premium was 200-260; Guangdong spot 1# copper price was 51010 yuan / ton, up 470 yuan; Yangtze River spot 1# copper price was reported at 50940 yuan / ton, up 480 yuan, premium 240 - premium 260; Shanghai spot 1# copper price was 50935 yuan / ton, up 505 yuan
.

In terms of inventory, as of April 16, COMEX copper stocks 238662 short; LME copper stocks were 352,000 tonnes, down 5,025 tonnes from the previous day; As of April 17, SSE futures inventories were 150821 tons, up 2,839 tons
from the previous day.

Industry news, Polymetal International said it replaced its taruddin gold deposit in Russia with 85% of Russian copper's copper and gold assets
in the eastern region of Tarudin, Kazakhstan.
Polymetal expects to resume exploration
in East Tarutan in the first half of 2020.
The acquired East Tarutdin reserves are estimated to have 6.
4 million tonnes of iron ore with a copper content of 1.
06% and 0.
07 grams
of copper per tonne of gold.
Initial estimates are 68,000 tonnes of copper and 354,000 ounces of gold
.

Recent geopolitical risks coupled with the impact of the trade war have made the market volatile, and the macro situation still affects market sentiment
.
Global explicit inventories peaked and fell, downstream demand is gradually improving, coupled with tight copper mine supply is expected to limit the decline in copper prices, copper prices may maintain range-bound operation
in the near future.
Intraday spot premium expanded sharply, supporting copper futures prices, and copper prices are expected to run
strongly in the short term.
Continue to pay attention to inventory, premium discounts, and changes
in the macro situation.