in stock analysis: Shanghai Electrolytic Copper in stock reported premium 1100 yuan/ton-premium 1300 yuan/ton, flat copper transaction price 49580 yuan/ton -49820 yuan/ton, premium copper transaction price 49680 yuan/ton -49950 yuan/ton. On the last trading day of March, the Shanghai copper futures market rose all the way after the morning market opened. The market rose by about 300 yuan/ton in the morning. Today, most enterprises in the market entered the settlement state at the end of the month. There were few quotations, but a small number of enterprises that could still issue invoices for the current month quoted extremely high prices. Good copper heard that there were prices of about 1250 yuan/ton and above 1300 yuan/ton, in the morning market of Pingshui Copper, some enterprises exchanged a small amount of goods for cash at about 1100 yuan/ton of premium. After being swept, the goods were lifted to more than 1150 yuan/ton with good copper quotation. Wet copper was stable in the range of 900-950 yuan/ton of premium. On the last trading day, the market was mostly cautious and wait-and-see, with a price of no market, waiting for the price of 13% VAT after April next week.

Warehouse receipt inventory: warehouse receipt 185915,-2224; On March 28, LME copper inventory was 169,950 tons, 775 tons less than the previous trading day. As of March 22, 2019, the stock of cathode copper on the Shanghai Futures Exchange was 259,172 tons, down 5,429 tons from the previous week. From a seasonal perspective, current inventories have remained at average levels compared to the last five years.

Main position: Shanghai copper 1905 contract top 20 long position 66655, 2462; short position 70327,-290. Mainstream positions show more than short.

Market research: Shanghai copper opened high today, due to news that China's large copper smelters cut copper refining costs (TC/RC) by more than 20%, the market is expected to further tighten copper supply. In the in stock market, on the last trading day, the market was mostly cautious and wait-and-see, showing a price without a market, waiting for the price of 13% VAT after April next week. Technically, the Shanghai copper 1905 contract is stronger, but the current pressure is still near the Bollinger band middle rail line, if you expect copper prices to further break up, need more positive support. Operationally, it is suggested that the Shanghai copper 1905 contract can consider between 48300-49000 yuan/ton high throw low suction, stop loss of 300 yuan/ton.