April 16 copper market morning review

The recent trend of Shanghai copper is stronger than that of London copper, and the daily copper price is strong, and the night copper price is weak
.
Shanghai copper continued to rebound after receiving support at 35300, and the epidemic in the United States and Europe began to ease recently, but the economic impact of the epidemic will gradually begin to appear, and the medium-term market uncertainty is still large, and it is inevitable that there will be sharp rises and falls
in the future.
The upper pressure of Shanghai copper is 42500, and the lower support is 38000
.

In terms of news, data from the General Administration of Customs showed that China's imports of unwrought copper and copper products in March were 441,926 tons, an increase of 13% year-on-year, and the cumulative import from January to March this year was about 1.
28 million tons
.
The increase in copper imports in March shows that demand has improved, but overseas markets are expected to decline, and spot copper prices are expected to rise or fall limitedly
.

At present, the gradual reduction of the financial attributes of the copper market gives way to market supply and demand, the economic contraction under the influence of the epidemic has an impact on the demand for refined copper, although the copper inventory in the last period has declined for 4 consecutive weeks, but the high inventory accumulated in recent years due to market reasons in the early stage still has a certain pressure, combined with the scrap copper market has a tendency to circulate, the market is strong psychological narrowing resulting in copper prices peaking within the day, and it is worth noting that copper prices due to the global epidemic turnaround is expected to arrive, the market recovery confidence brings some support, it is expected that tomorrow's Shanghai copper high level will fall, The decline is expected to be about 500-700 yuan, and the main support of Shanghai copper is around
40,800.