Shanghai copper morning review on May 26

In terms of the market, on May 25, Shanghai electrolytic copper spot reported a premium of 50-90 yuan / ton, and the transaction price of flat water copper was 35540-35700 yuan / ton
.
Due to the low proportion of bills at the end of recent months, the next month's notes were reported as a premium of 80-90 yuan / ton
.
After that, the market continued to rebound, and the downstream buying enthusiasm heated up
.
Near the close of the midday session, the plate rose by about 100 yuan / ton, and individual holders lowered the premium to ship for cash
.
The inquiry of copper during the day remained active and active, and the transaction was mainly flat water copper and wet copper, and the high level of good copper was suppressed
.
Although the market conditions have improved, the trading volume has decreased slightly, and the upper premium is limited
.

Inventories: As of May 20, the previous Shanghai copper inventory reported 257334 tons, a weekly decrease of 28,876 tons, close to the low set on February 5 this year, after the inventory fell for nine consecutive weeks, with a cumulative decrease of 137443 tons or 34.
8%.

Summary of views: Shanghai copper oscillation rebounded to 35760 yuan / ton overnight, slightly stronger than other non-ferrous metals and ferrous metals, indicating that after the short-term continuous decline in copper prices, the willingness to rebound technical rebound climbed
.
It is recommended that the Shanghai copper 1607 contract can be cautiously held above 35450 yuan, and the target refers to around
36000 yuan / ton.