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On Friday, the main Shanghai copper contract 2005 opened low at 40,570 yuan / ton in the morning, and then the center of gravity slowly climbed to 40,870 yuan / ton, and closed at 40,890 yuan / ton
at midday.
At the beginning of the afternoon, the strengthening of bulls pulled the copper price from 40830 yuan / ton to 41420 / ton
.
At this time, the high level is more flat and short, copper prices slightly backward, along the way, the market chasing sentiment is warm, hitting the 42,000 yuan / ton mark unsuccessful, reaching the highest point of the day 41890 yuan / ton
.
Subsequently, the bulls left the market, and copper prices fell slightly, closing at 41790 yuan / ton, up 950 yuan / ton, or 2.
33%.
Shanghai copper opened lower and higher, mainly due to the market's expectations of tight global copper supply further deteriorated
.
On Friday, BHP Billiton confirmed the discovery of two confirmed cases of new coronavirus pneumonia at Chile's Escondida copper mine, the world's largest copper mine, and the market was worried about the intensification of the contradiction between global copper supply and demand, and the news spurred a sharp rise in copper prices in the afternoon
.
On the macro front, yesterday, in response to the economic recession caused by the global new crown epidemic, European and American countries increased their stimulus policies
.
The Federal Reserve will launch up to $2.
3 trillion in loans, committed to using borrowing tools to promote the recovery of the US economy
.
For the time being, the Bank of England will be able to monetize government debt directly, allowing the UK government to overdraft indefinitely until the pandemic subsides
.
Policies to further release liquidity to bottom the economy have made market expectations more optimistic
.
And coinciding with the Easter holiday, the LME is closed on Friday and next Monday, the lack of guidance in the internal market, copper prices rose on Friday, and the market chased the mood enthusiastically
.
