April 3 copper market morning review

Overnight London copper rose sharply to close in Zhongyang, today affected by oil prices, US copper and copper are all low
.
It is expected that Shanghai copper may open slightly lower today, subject to policy expectations during the holiday, and may be stronger during the day
.
At present, copper prices are close to smelting costs, and the support below is gradually strengthening
.
Shanghai copper found support at 35300, but because the epidemic in the United States and Europe is still expanding, the medium-term market uncertainty is still large, and it is inevitable that there will be sharp rises and falls in the future, and the market may remain weak in the next two weeks, and there is a possibility
of stepping back to support around 35000-36000.

Initial jobless claims in the U.
S.
increased by 6.
64 million in a week, implying a minimum real unemployment rate of 10.
1%.

New confirmed cases in the United States continued to exceed 25,000 today, exceeding 20,000
for the fourth consecutive day.
Overnight, Trump said Saudi Arabia and Russia had agreed to cut production by 10 million b/d, and market optimism sent oil prices soaring more than 20%, while boosting commodities across
the board.
However, Saudi Arabia and Russia denied the news overnight, crude oil opened sharply lower, and non-ferrous metals opened low
.

Overnight, the number of new crown diagnoses in the United States exceeded 200,000, the market was worried again pulled down U.
S.
stocks, the Dow closed down 1,000 points to drive Shanghai copper to open low in early trading, intraday technical impact touched the support level after rebounding, but the afternoon crude oil price surge drove copper prices back up, intraday re-red rush higher, at present, medium-term copper prices are still weak, short-term rebound or appear, expected Shanghai copper high volatility mainly, range 3.
97-38,700, operational recommendations wait-and-see, cautious to make up
for short.