Copper is still facing great resistance Pay attention to the development trend of the epidemic at home and abroad

In terms of external trading, the Asian market opened high at 5710 US dollars / ton in the morning, and after the narrow range of copper prices around the daily moving average in the morning, the center of gravity fell to around 5708 US dollars / ton, during the short-term test of 5694 US dollars / ton, and then the performance of copper prices at the end of the Asian market was revised upward, and the price was 5728 US dollars / ton
.
Entering the European market, once again affected by the spread of the global epidemic, the panic in the capital market was high, copper prices were obviously under pressure, and soon gave up the gains at the end of the Asian session, and then fell below the $5700 mark, down to a low of $5688 / ton
.
As of 17:00, London copper was 5707 US dollars / ton, up 19 US dollars / ton, or 0.
33%.

In the market, Shanghai copper edged lower
along the 45,700 yuan / ton line.
The morning market spot quotation continued the previous day's quotation, good copper quotation discount 150 ~ discount 140 yuan / ton, flat water copper quotation discount 170 ~ discount 160 yuan / ton, the market willingness to receive goods is low, few transactions, holders have no choice but to reduce the quotation, flat water copper to discount 180 yuan / ton, good copper quotation from discount 150 to discount 160 yuan / ton There is still room for pressure price, wet copper is slightly lower than the previous day, the quotation has been reduced from 230 yuan / ton in the morning to 260 yuan
。

The delivery volume of long-term trade orders this month has been basically completed, the market transaction atmosphere has weakened, and the willingness to trade and downstream receive goods is seriously lacking; Copper inventories remain high, the market lacks buying interest, holders show a sell-off sentiment, the characteristics of oversupply are obvious, and there is completely room for price reduction
.
In the afternoon, the Shanghai copper low level rebounded, out of the V shape, the overall trading returned to a lighter situation, the holder is still mainly dumping, shipments are active, continue to reduce the quotation to promote the transaction, flat water copper discount 190-170 yuan / ton, good copper discount 170-160 yuan / ton, the transaction price rose to 45520-45610 yuan / ton
.

The main force of Shanghai copper showed a downward recovery trend as a whole during the day, but the center of gravity remained below 46,000 yuan / ton, mainly because the market's worries about the foreign epidemic continued to heat up, and the epidemic in Japan, South Korea and Italy increased significantly, causing the market to worry that the epidemic will spread
globally.
Crude oil has continued to decline in recent days, the current U.
S.
crude oil index remains at $52 / barrel, copper prices and other risk assets linkage lower, difficult to break through the 46,000 yuan / ton mark
.
At present, Shanghai copper closed negative, the upper side continues to bear pressure on the 10-day moving average, the KDJ indicator continues to expand downward, and the technical picture indicates that the resistance is still large
.
Continue to pay attention to the development trend of the epidemic at home and abroad, and test whether Shanghai copper can stabilize around
45,900 yuan / ton.