Shanghai copper showed a sharp correction and short-term shock decline

In terms of industry, the International Copper Research Group (ICSG) said in its latest monthly report that the global refined copper market was oversupplied by 10,000 tons in December 2018 and 68,000 tons
in November.
For the whole of 2018, copper was short of 387,000 tonnes, compared with a shortfall of 265,000 tonnes
the year before, ICSG said.

In the market, the US dollar rebounded to around 96.
3, London copper fell sharply, Shanghai copper fell below 49,000 yuan / ton, copper prices fell to attract some downstream to buy the market, and the willingness of holders to control goods and raise prices was further enhanced
。 In the morning market, the price of copper premium 1200 yuan / ton, flat water copper from 950 yuan / ton began to quote, the high favor for flat water copper made its premium quickly raised to 970-980 yuan / ton, low-price flat water copper sources were quickly traded, the morning market received enthusiastically, buying interest increased, the holder raised the price at 970-990 yuan / ton, there is almost no room for price pressure, good copper buying interest is weak, the quotation was lowered to 1130-1150 yuan / ton
.
Intraday downstream buying increased, traders also performed actively to complete the delivery of long orders, market transactions were obviously active, and falling holders followed the trend to push up the premium
.
If the delivery of the long order is completed next week, or the quotation of the April invoice will appear one after another, the transaction may show a trend of first rising and then suppressing, and the room for premium and then rise is limited
.

In terms of stocks, LME copper stocks were 176,450 tonnes on 21 March, down 2,825 tonnes
from the previous session.
As of March 15, 2019, copper cathode stocks on the Shanghai Futures Exchange stood at 264,601 tonnes, an increase of 28,432 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Shanghai copper fluctuated and fell during the day, as the US dollar index bottomed out, which restrained the rise in copper prices, and copper prices showed a sharp correction
.
In the spot market, downstream buying increased, traders also performed actively to complete long-term order delivery, market transactions were obviously active, and falling holders followed the trend to push up the premium
.
On the technical side, the copper main 1905 contract is still in the shock range, and the futures price is supported by the 40-day moving average below, and the short-term or shock operation
.