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Last night, London copper closed at $4,930 / ton, up 3.
65%, with a volume of 14,000 lots, and short positions reduced by 2,347 lots to 274,000 lots
.
China's manufacturing industry returned to the expansion range in March, overnight London copper rose sharply to close up 3.
65%, domestic enterprises production and operation pressure is still large, supply recovery may be faster than demand, is expected to rise slightly today
.
Last night, the external market had a large increase, mainly because the release of China's PMI data in the morning was better than expected, indicating that domestic demand recovered faster, which gave a strong boost to market confidence, and copper prices touched as high as $4971 / ton
in the evening.
On the other hand, the United States plans to continue to introduce a fiscal stimulus policy of 2 trillion yuan in infrastructure, which will also give a strong boost
to copper prices.
However, the current US epidemic is in a period of rapid development, the market still has strong worries, last night the three major stock indexes of the US stock market fell, it is expected that copper prices will face pullback pressure
after yesterday ushered in a large increase.
In terms of spot, due to the entry of a new quarterly settlement cycle, it is expected that the overall market activity will heat up, and the recovery of plate prices will also drive the high shipment of cargo holders, so the market quotation is expected to continue to rise
today in the case of a good trade environment.
It is expected to be 4850-4910 US dollars / ton
of London copper today.
