The market still expects domestic demand Copper prices rebounded slightly

Shanghai copper was on the strong side of volatility during the day, closing up 0.
96%, and the center of gravity of futures prices shifted slightly upward, but the range was limited
.
At present, copper inventories on domestic and foreign exchanges are accumulating, but the market still expects the improvement of domestic demand, coupled with the previous deep decline, the futures price is still rebounding
slightly.

Over the weekend, there were frequent favorable domestic policies, including the central bank's lowering of the lower limit of the first home loan interest rate, and Shanghai's promotion of the resumption of work and production, and market sentiment improved to some extent, although China's macro data for April released yesterday was less than expected
.
Jinrui Futures said that considering that April was greatly affected by the epidemic, the epidemic situation gradually improved in May, and the economic data is expected to pick up month-on-month, but there is still pressure on China's economic growth at the current stage, and there is still more room
for follow-up cross-cycle policies.

Yangtze River Nonferrous Network 1# electrolytic copper quotation 72190-72250 yuan / ton, the average price of 72220 yuan / ton, up 550 yuan / ton from the previous trading day, the 2206 contract reported up 440 liters 500 yuan / ton
.
Today's spot market trading is average, and the premium is up 130 yuan / ton
from the previous trading day.
Today's spot market has a limited supply of circulating goods, the upper water is adjusted, the mainstream transaction of flat water copper in the session is around 400 yuan, the mainstream transaction of good copper is around 420 yuan, and the difference copper and wet copper are rare
.

The accumulation of LME copper stocks slowed slightly, with a slight retreat yesterday, with registered warehouse receipts falling and cancelled warehouse receipts increasing
continuously.
As of Friday, the weekly copper inventory continued to accumulate slightly, and the inventory of Shanghai copper warehouse receipts increased by more than 8,000 tons
yesterday.
For domestic demand, Huatai Futures said that the impact of the current epidemic still exists, and the monthly difference is relatively high, the enthusiasm for downstream receiving goods is relatively low, and the wait-and-see mood is heavier
.
At present, there has also been no significant recovery in terms of terminal demand orders, and the situation may improve slightly in May, but the extent may be limited
.

In summary, the dollar fell further, benefiting more dollar-denominated commodities, and East China gradually resumed stable market operation, coupled with favorable domestic policies over the weekend, boosting market sentiment to recover, but macroeconomic data fell in April, internal and external copper inventories showed accumulation, copper price growth space was suppressed
.