April 27 Copper Market Brief Review

Today's Shanghai copper main contract gap opened at 42420 yuan / ton, short positions were reduced at a high level, and copper prices fell slightly to the lowest point of the day of 42240 yuan / ton
.
After that, the market rose rapidly, climbing all the way to the highest point of the day of 42880 yuan / ton
.
At this high, bulls took profits and copper prices turned down, closing at 42660 yuan / ton
at midday.
In the afternoon, the market trend was weak, Shanghai copper slowly fell, touched the 42500 yuan / ton position after a slight rebound, the late bulls and then withdrew led to a decline in copper prices, and finally closed at 42490 yuan / ton, up 680 yuan / ton, up 1.
63%.

Shanghai copper jumped high during the day, and the center of gravity rose by about 750 yuan / ton from the previous trading day, mainly because last Friday, Yunnan Province expressed support for key enterprises to carry out commercial storage and storage of nonferrous products, with a total storage of about 800,000 tons
.
The news provided strong support
for copper prices to the upside.
Coupled with the improvement of macro expectations, the pace of economic reopening in major economies around the world has accelerated, more states in the United States want to ease epidemic restrictions, and Italy will gradually restart its economy
from May 4.
The Bank of Japan announced today that it will expand its purchases of government bonds and further ease monetary policy
.
The macro orientation boosted market risk appetite and stimulated copper prices to rise
.

At present, the main contract of Shanghai copper is close to the 60-day moving average, partially covering the gap in the early stage
.
Next, continue to pay attention to the decision of the European Bank, the Federal Reserve and China's manufacturing PMI data for April, whether it can help copper prices rise
further.