April 23 copper market morning review

Shanghai copper opened low on Wednesday, prices rebounded after midday, and the main 2006 contract of Shanghai copper closed at 41,090 yuan / ton as of the day, down 620 yuan, or 1.
49%.

Affected by the overnight crude oil market falling again, Shanghai copper opened low today, market risk aversion increased, commodity market confidence was hit, at present, domestic short-term demand to boost copper prices gradually weakened, further transformed into medium-term supply and demand reduction of weak guidance, Shanghai copper main force can temporarily pay attention to 4.
13-40,800 support buffer zone nearby, it is expected that short-term Shanghai copper or reopen shock storage, biased to weak
.
If the explicit inventory in various places continues to be consumed, there will be a slight bottom, and the weak guidance
will be maintained in the medium term.
In terms of operation, it is recommended to wait and see, and maintain fast forward and fast output downstream, and appropriate shipment rhythm
.

In terms of news, Chile's Antofagasta Mining Company (Antofagasta) lowered its 2020 copper production target and capital expenditure plan, and it is expected that copper production this year will be at the low end of the expected range of 72.
5-755,000 tons; the disturbance at the mine end is still continuing, which may affect the domestic May refining copper schedule, domestic enterprises resume production and work, and metal demand gradually recovers
.