The main force of Shanghai copper closed slightly higher, and the characteristics of holiday hedging were highlighted

Industry: Shares fell 3.
4% after First Quantum's first-quarter earnings report, as first-quarter revenue fell less than expected and copper production also exceeded expectations by 5.
8%
year-on-year.
But Eily Ong, an analyst at Bloomberg Intelligence, said the expansion of First Quantum's Cobre Panama copper mine would boost copper production to counter high cash costs
with rising company revenue.

Spot analysis: Shanghai electrolytic copper spot contract discount 40 ~ premium 50 yuan / ton, flat water copper transaction price 48840 yuan / ton ~ 48900 yuan / ton, premium copper transaction price 48900 yuan / ton ~ 48980 yuan / ton
.
The dollar fell overnight, which was conducive to a slight rise in copper prices, and Shanghai copper hovered
along the 48,900 yuan / ton line.
On the last trading day of the May Day holiday, the market has begun to show a festive atmosphere, the trading atmosphere has declined, the quotation basically maintains stable market conditions, the morning quotation discount 30 ~ premium 50 yuan / ton, the market maintains just need to buy, trade trading cautious
.
Some holders took the initiative to slightly reduce the transaction and reduce the discount to 40 ~ 40 yuan / ton, the market buying interest is still low, wet copper maintained the previous day's quotation discount of 100 ~ discount 80 yuan / ton
.
On the last trading day before the holiday, only some downstream bargain-hunting in the market continued to replenish, but the buying volume has dropped significantly, and most holders have no intention of continuing to reduce prices to seek transactions, and the overall market still shows a stalemate in supply and demand, and the characteristics of risk aversion before the holiday are prominent
.

In terms of stocks, LME copper stocks stood at 232,225 tonnes on 29 April, up 36,325 tonnes
from the previous session.
As of April 26, 2019, copper cathode stocks on the Shanghai Futures Exchange were 219,679 tons, down 17,055 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

During the day, the main 1906 contract of Shanghai copper closed slightly higher, in the spot market, on the last trading day before the holiday, only some downstream bargains in the market continued to replenish, but the purchase volume has fallen sharply, most of the holders have no willingness to continue to reduce prices to seek transactions, the overall market still shows a stalemate in supply and demand, and the characteristics of risk aversion before the holiday are highlighted
.
Operationally, it is recommended that the Shanghai copper 1906 contract remain on the sidelines
in the short term.