The main force of Shanghai copper rushed back down and the short-term trend may fall further

In terms of industry, the World Metal Statistics Office (WBMS) reported on Wednesday that the global copper market had an oversupply of 51,000 tons in January-February 2019, compared with a supply gap of 25,000 tons for the whole of 2018
.
Global mine copper production in January-February 2019 was 3.
3 million mt, down 0.
6%
from a year earlier.

In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 20 yuan / ton - 130 yuan / ton of water / ton, the transaction price of flat water copper was 49520 yuan / ton - 49590 yuan / ton, and the transaction price of premium copper was 49600 yuan / ton - 49680 yuan / ton
.
Shanghai copper range volatility pattern unchanged, morning holders spot continued the previous day's quotation, flat water copper quotation premium 30-40 yuan / ton, good copper quotation premium 130-140 yuan / ton, due to lack of response, the transaction is still deadlocked, in a blink of an eye to good copper premium 100-120 yuan / ton range, flat water copper reported 20 liter transaction has improved
.
The overall transaction volume during the day was not as good as yesterday, the market stalemate was highlighted, and the supply and demand sides were still tug-of-war
.
Be wary of the gradual outflow of delivery warehouse receipts, which will have a certain drag on the firmness of spot
premiums.

In terms of stocks, LME copper stocks stood at 190,650 tonnes on April 17, up 150 tonnes
from the previous session.
As of April 12, 2019, copper cathode stocks on the Shanghai Futures Exchange were 245,178 tons, down 12,142 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 rushed back down, as China's economic growth performance was stable in the first quarter, industrial added value growth accelerated, market confidence was boosted, copper prices performed positively, but at present, in the spot market, downstream factories maintain rigid demand, the overall transaction is not as good as yesterday, the market stalemate is prominent, the supply and demand sides show a tug-of-war, limiting the rise in copper prices
.
On the technical side, the Shanghai copper 1906 contract is still hovering in the volatility range, but from the 60-minute line, copper prices are weak and weak, MACD indicators are weak, and copper prices may fall further in the short term
.