Shanghai copper volatility weakened, short-term focus on lower support

In terms of industry, a source at Chinese mining company MMG Ltd said on Wednesday that the company had sent some supplies and personnel to its Las Bambas copper mine in Peru, after protesters partially ended a two-month road blockade
, according to foreign news on April 10.

In terms of the market, Shanghai copper slightly lowered to 49200 yuan / ton line, holders of the price to raise the water willingness to continue fermentation, the morning market quotation premium 30-130 yuan / ton, market inquiry atmosphere is active, low premium supply attracted most traders to buy, the transaction performance is good, good copper led to raise the quotation to 140-150 yuan / ton transaction is still performing well, flat water copper slightly raised to around 40-50 yuan / ton, but the transaction is slightly inferior to good copper, the performance is deadlocked
.
Intraday market transactions are led by traders, and bargain hunting transactions have improved significantly, low-priced goods are difficult to find, and premiums remain stable
.

In terms of stocks, LME copper stocks were 197,525 tonnes on 10 April, down 750 tonnes
from the previous session.
As of April 4, 2019, copper cathode stocks on the Shanghai Futures Exchange were 257,320 tonnes, down 4,092 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

The Shanghai copper shock weakened during the day, due to concerns of a global economic slowdown and the impact of trade tensions between the United States and Europe, copper prices have continued to perform under pressure recently, and the market is also more cautious
about copper prices.
In the spot market, the decline in copper futures attracted some downstream replenishment, and the market transaction was led by traders, and the bargain trading volume improved significantly, and the low-priced goods were difficult to find, and the premium remained stable
.
On the technical side, the Shanghai copper 1906 contract fell into the shock area again, and the MACD indicator showed repeatedly, focusing on the support around 49,000 yuan / ton below in the short term
.