The market consumption season is not strong, and the trend of copper prices is weak and volatile

In terms of the external market, London copper opened at 5580 US dollars / ton, after the opening in the short cover driven by the impetus, London copper shun daily moving average rushed to 5614 US dollars / ton, and then began to around the daily average of 5592 US dollars / ton around repeated consolidation tests, into the European session, LME copper inventory increased by 32925 tons, Lun copper heard a sharp dive, low to 5542 US dollars / ton, and then due to the weakening of the US dollar, copper prices stopped falling into shock, as of 17:10, London copper reported 5572 US dollars / ton
。 Intraday copper was weighed down by the large increase in LME inventories, continued to fall, the lower Bollinger Road lower band opening downward, support is fragile, in the short term focus on the support of the $5500 / ton line
.

On the macro front, the Fed announced that it would keep the federal funds rate unchanged as expected, acknowledging the recent slowdown in the US economy, but generally optimistic about the economic outlook, with most analysts believing that the temporary slowdown will not affect its plans to
gradually raise interest rates.
The number of ADP jobs in the United States in April was 177,000, exceeding expectations by 175,000 and hitting a new low
since Trump became the US president.
In addition, the euro area GDP in the first quarter was 1.
7% year-on-year and 0.
5% month-on-month, in line with expectations
.

In terms of the market, the Shanghai copper gap opened low, fell 1,300 yuan, the copper premium rose, the pre-holiday hedging orders have been unwound and profitable, the holders have shipped, the proportion of imported copper is still limited, speculators lack of operating space, speculation enthusiasm declined, but the downstream in the copper price fell when the volume of goods rebounded significantly, so that the price difference between flat water copper and good copper narrowed, and the market transaction body turned to downstream enterprises
.
In the afternoon session, the market fell, and the holders continued to raise prices, but the downstream after the morning purchase, the sentiment of taking goods weakened, and the premium remained basically the same
as in the morning.
Pingshui copper reported a premium of 50 yuan / ton - 70 yuan / ton, a premium copper reported a premium of 70 yuan / ton - a premium of 90 yuan / ton, and the transaction price was 45200 yuan / ton - 45570 yuan / ton
.

On the industrial front, Southern Copper said in its earnings report that last month's two-week strikes at the Toquepala and Cuajone copper mines and the Ilo refinery in Peru reduced copper production by 1,418 tonnes
.
The two mines produced a combined 310,000 tonnes of copper
last year, according to government figures.
According to data released by the Central Bank of Congo, the country's copper production in the first quarter of this year increased by about 20% year-on-year to 274,000 tons, while it revised copper production upwards from 219,000 tons previously announced to 222,000 tons
.

Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds still has a pressure on copper prices, the downstream has always entered the market in the consumption season, with the end of the consumption season terminal consumption on copper prices support will gradually weaken, short-term copper prices after the sharp fall or there is adjustment demand, the medium term to maintain a bearish idea
.