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April 20 Copper Market Brief Review

 Last Update: 2022-12-18
 Source: Internet
 Author: User

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Today's Shanghai copper main force rose sharply, which was supported to a certain extent in both macro and fundamentals
.
Today's Shanghai copper main contract opened low at 42020 yuan / ton, the opening fell slightly and briefly due to short positions, and then bulls successively increased positions to push up copper prices, climbing all the way to the highest point of the day 42630 yuan / ton
.
Near the close, the copper price fell rapidly, closing at 42330 yuan / ton, up 130 yuan / ton, or 0.
31%.

On the one hand, the loan market quotation rate (LPR) of the People's Bank of China has fallen sharply, which has effectively boosted market confidence; On the other hand, Brazil's Vale lowered its 2020 copper production forecast from 400,000 tons to 360,000 to 380,000 tons, and the market is worried about tight copper supply
.

Copper rose sharply, the market trading atmosphere is cautious, trade and downstream willingness to receive goods is weak, the market is still cautious on Monday, holders are unwilling to overly take the initiative to reduce the level of quotations, downstream is afraid of higher than the continuous rebound of copper prices, only traders continue to become the main body of trading, supply and demand continue to tug of war
.

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