Shanghai copper opened low and fluctuated, and market transactions continued to be weak

Market focus: (1) The global crude oil storage space is exhausted, and the US crude oil price fell below the $12 mark
.
(2) China's imports of copper ore and its concentrate in March were 1.
78 million tons, an increase of 1.
03% year-on-year, but a new low
since September last year.
(3) China's copper scrap imports in March were 90,252 tons, down 11%
year-on-year.

Spot analysis: On April 28, the spot 1# electrolytic copper quotation was 42370-42560 yuan / ton, the average price was 42465 yuan / ton, and the daily decline was 395 yuan / ton
.
Due to the lack of actual purchase volume support for downstream consumption, trade flows also tend to stop at the cautious state before the holiday, holders are active in shipments, transactions continue to be weak, and the characteristics of oversupply gradually appear.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 100759 tons on Tuesday, a daily decrease of 4,457 tons, a continuous decline of 29 days; On 27 April, LME copper stocks were 258475 tonnes, down 4,125 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 72477 lots, minus 1850 lots per day, short positions are 83986 lots, daily increase of 986 lots, net short positions are 11509 lots, daily increase of 2836 lots, more short increases, net space increases
.

As the global epidemic continues to spread and crude oil prices weaken, concerns about the economic outlook are difficult to dissipate, and demand continues to be weak, limiting the upward momentum
of copper prices.
However, the current tight supply of upstream copper mines is gradually emerging, coupled with the weak price of sulfuric acid, resulting in further upward smelting costs; Coupled with the planned storage and storage in Yunnan and Gansu, market confidence has been boosted and copper prices have been
strongly supported.
In terms of spot, due to the lack of actual purchase volume support for downstream consumption, trade flows also tend to stop at the cautious state before the holiday, and holders are active in shipments, and transactions continue to be weak
.
Technically, the main 2006 contract of Shanghai copper reduced its position, focusing on the 20-day moving average support, and it is expected that the short-term shock will be strong
.
Operationally, it is recommended that the Shanghai copper 2006 contract can be long around 42200 yuan / ton, and the stop loss is 42000 yuan / ton
.