The main force of Shanghai copper opened high and went low because the stock market fell to put pressure on nonferrous metals

On the industry front, Poland's deputy chief executive for overseas assets at KGHM Metals said copper production in 2019 at the company's Sierra Gorda mine in Chile could exceed planned levels, while capital expenditures would fall short of target
.

In terms of the market, Shanghai electrolytic copper spot contract reported flat water ~ premium 70 yuan / ton, flat water copper transaction price 47830 yuan / ton ~ 47910 yuan / ton, premium copper trading price 47880 yuan / ton ~ 47970 yuan / ton
.
Shanghai copper opened high and went low, and the pressure of 48,000 yuan / ton fell to 47,800 yuan / ton
.
The easing of supply and the temporary stop of the decline in futures have increased the willingness of holders to cash out, causing the premium to fall
rapidly.
Morning market good copper quotation premium 70 ~ premium 80 yuan / ton, flat water copper quotation premium 10 ~ 20 yuan / ton, the overall transaction is weak, good copper leading down to the premium 50 ~ 60 yuan / ton around the improvement, flat water copper although there is a downward adjustment but the holder is not willing to show the discount on the weekend, so most of the price is in the flat water line, wet copper followed down to the discount 70 ~ discount 50 yuan / ton
.
The weekend is approaching, the number of dumpers has increased greatly, the position of the plate is embarrassing, long and short have stopped, and there is no room for price difference in the next month, the willingness to trade speculation is reduced, and the state of oversupply again makes it difficult to maintain the stability of spot premiums, and it is inevitable that there will be a discount supply
next week.

In terms of stocks, LME copper stocks stood at 191,725 tonnes on May 16, down 2,525 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 main 1907 contract of Shanghai copper opened higher and lower during the day, as the decline in the stock market put pressure
on nonferrous metals.
In the spot market, the weekend is coming, the number of dumpers has increased, the position of the plate is embarrassing, the long and short have stopped, and there is no room for price difference in the next month, the willingness to trade speculation is reduced, and the state of oversupply again makes it difficult to maintain the stability of spot premiums, and it is inevitable that there will be a discount supply
next week.
In terms of operation, it is recommended that the Shanghai copper 1907 contract be maintained between 47300-48000 yuan / ton in the short term, high selling and low absorption, and the stop loss is 300 yuan / ton
each.