Shanghai copper rebound is weak and the willingness to rise further is weak

In the external market, London copper rushed back down, of which 3-month London copper fell 0.
55% to 4661 US dollars / ton, up 2.
66%
from the low of 4540 US dollars / ton in this round of correction.
Last week, London copper reduced its position and rose, indicating that the rise in copper prices was mainly boosted by short covering, and the confidence of bulls to do long is still insufficient
.

On the macro front, the Asian dollar index oscillated slightly and is now trading around 95.
7, which still weighs on non-ferrous metals
.
In addition, the market is focused on the upcoming release of China's manufacturing PMI for May, and the Caixin manufacturing PMI is expected to remain below the 50-boom line, which is not conducive to the strengthening
of copper prices.

In terms of the market, on May 31, Shanghai electrolytic copper spot reported a premium of 30 yuan / ton - 60 yuan / ton of water premium, and the transaction price of flat water copper was 35760-35840 yuan / ton
.
In early trading, large traders took the lead in relaxing the premium, shipping for cash, good copper reported a premium of 60-70 yuan / ton, traders are not active in buying, and the downstream is rarely involved
.
After 10 o'clock, the market began to rise, more and more holders took the initiative to reduce the premium for cash, the supply increased and the premium declined, but limited to the restrictions of funds and settlement at the end of the month, the transaction was weak
.

In terms of industries, Chile's copper production in April was 432277 tonnes, down 8.
2% year-on-year and 11.
55% month-on-month, as some mines were hit by heavy rainfall and ore grades declined
.
Chile's cumulative copper production from January to April this year was 1.
824 million tons, a year-on-year decrease of 93,761 tons or 4.
88%.

Overall, Shanghai copper rushed back down, weaker than other base metals and London copper, further willingness to rise weak, short-term near the line or unfolded range oscillation
.
It is recommended that the Shanghai copper 1607 contract and start high selling and low absorption between 36000-35000 yuan / ton, with a stop loss of 350 yuan / ton
each.