Shanghai copper rebound blocked overall trading is more cautious

In terms of industry, according to foreign media reports, Jean-Paul Luksic, chairman of Chile's Antofagasta Plc, said that although copper has broad market prospects, the Sino-US trade war has weighed on copper prices
.
And without a trade dispute, copper prices would rise 5-15% to $3.
20-$3.
50 a pound
.

In terms of the market, Shanghai electrolytic copper spot contract discount of 10 ~ liter 80 yuan / ton, flat water copper trading price 47530 yuan / ton ~ 47630 yuan / ton, premium copper trading price 47600 yuan / ton ~ 47700 yuan / ton
.
Shanghai copper is difficult to return under pressure, and it continues to weaken
along the line of 47,600 yuan / ton.
Although the plate price weakened, but the next month contract spread widened to 60-80 yuan / ton compared with last week, the morning market holders quoted a premium of 20 ~ 90 yuan / ton, due to the inquiry atmosphere is not active enough, the holder took the initiative to reduce the price in order to seek transactions, good copper took the lead to a premium of 80 yuan / ton, flat water copper then fell to about flat water, the transaction was concentrated in the discount of 10 yuan / ton ~ flat water, good copper fell to a premium of 60 ~ 70 yuan / ton, the transaction improved
.
Approaching the delivery cycle, low-priced sources are attractive, and traders want to receive goods at a low price, but after the spread widens, it may be difficult to expand the discount supply
.
Intraday market transactions are still dominated by traders
.

In terms of stocks, LME copper stocks stood at 211,475 tonnes on May 10, down 6,500 tonnes
from the previous session.
As of May 10, 2019, copper cathode stocks on the Shanghai Futures Exchange were 194,208 tonnes, down 17,422 tonnes
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.

The rebound of the main 1907 contract of Shanghai copper was blocked during the day, and the current market is still concerned about the progress of Sino-US trade negotiations, and the overall trading is more cautious
.
In the spot market, downstream bargaining is purchased
on demand.
Approaching the delivery cycle, low-priced sources are attractive, and traders want to receive goods at a low price, but after the spread widens, it may be difficult to expand the discount supply
.
Intraday market transactions are still dominated by traders
.