Commodity futures all plunged, and Shanghai copper fell under pressure

In terms of the external market, London copper opened at 5599 US dollars / ton, slowly fell to 5565 US dollars / ton hovering, near the Asian market close London copper volume fell to 5508.
5 US dollars / ton, after the short-term touch, intraday recovery to test the daily average of 5550 US dollars / ton was unsuccessful, still under pressure
.
Trump's "leaks" intensified, members of Congress called for Trump's impeachment, and risk aversion continued to ferment, resulting in a weak operation of the intraday market and the stock market
.
Escalating political risks in the United States could further weigh on commodity markets
.

On the macro side, affected by the fermentation of Trump's "leak door" and "fear of science gate", the US stock market collectively jumped low on Wednesday, and the market believes that the probability of Trump's impeachment this year has soared, and the macro market turmoil continues to ferment.

According to data from the National Bureau of Statistics, the year-on-year increase in new commercial housing prices in 15 first-tier and hot second-tier cities all fell, and 9 cities fell or remained flat
month-on-month.
Real estate regulation continues to play a role
.

In terms of the market, Shanghai copper fell back to around 45,000 yuan / ton, the willingness of holders to raise prices decreased, the copper discount gradually expanded, and the plate fell together, middlemen waited and watched, because the discount has not reached the psychological price, downstream demand is the mainstay, the market has begun to show a pattern of oversupply
.
In the later stage, the market generally expects that with the new batch of imported copper entering the domestic market, it is difficult to maintain stability at the current copper discount, and the stalemate pattern will be broken
.
In the afternoon, the center of gravity of copper moved down, and the transaction price of flat water copper was 44880-45000 yuan / ton, and the transaction price of premium copper was 44900-45020 yuan / ton
.
Some traders have newly imported copper ready to enter the market, the shipment sentiment of holders has increased, the spot discount continues to expand by 10-20 yuan / ton earlier, and some downstream below 45,000 yuan / ton has entered the market to receive goods, and the transaction activity has increased
slightly.

On the industrial front, copper production fell 14% year-on-year to 167,000 mt
in the first quarter as copper mining operations at Zambia's open-pit mines were disrupted by heavy rains and flooding.
According to data from the World Bureau of Metal Statistics, the global copper market was oversupplied by 148,000 tons from January to March this year, of which global mine copper production in the first quarter increased by 2.
2% year-on-year to 4.
97 million tons, refined copper production will be 0.
1% less to 5.
76 million tons, and copper consumption in the same period will be 1.
58%
less year-on-year.

Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds and the joint supervision of the financial industry have been putting pressure on the copper market, and the downstream has always entered the market in the peak consumption season, with the end of the consumption season, the supporting role of terminal consumption on copper prices will gradually weaken, and the medium-term maintenance of a bearish idea, short-term domestic economic data weakness or bring financial supervision is expected
to be briefly relaxed.