Copper opened high and low and trimmed gains at the end of the day

Base metals performed well overnight, supported by a recovery in sentiment, with London copper rising to its highest level in nearly two weeks, closing at $4,837, up 1.
19%.

London copper opened slightly higher today, but then came under pressure in the dollar's rally, but it is still not far from the near two-week high
.
On the day, three-month copper on the London Metal Exchange (LME) fell 0.
1% to $4,824 a tonne, up 1.
4% on the previous day, and briefly hit a high of $
4,855 since April 1.

3.
Overview of the domestic copper market

On the macro front, China's exports turned positive year-on-year for the first time in nine months in March and hit a 13-month high, adding evidence of China's stabilisation and igniting market expectations that
China's economy is improving.
In addition, data released by the General Administration of Customs showed that China's copper imports hit a record high in the same period in March, and imports increased by 30% in the first quarter, with good data supporting the trend
of copper prices.

Today's Shanghai electrolytic copper spot reported flat water - premium water 50 yuan / ton, flat water copper transaction price 36680 yuan / ton - 36800 yuan / ton, premium copper transaction price 36700 yuan / ton - 36820 yuan / ton
.
Although the basis of the next month once expanded by nearly 200 yuan / ton, the willingness of the holders to dump the goods is strong, the market imports of copper continue to be sufficient, and the premium is difficult to push.

The middlemen looked for low-priced sources, but did not see the flat water copper discount quotation, and the downstream showed rationality and rarely
bought.
Overall, spot support for copper prices is weak
.

4.
Copper closing situation

Today's Shanghai copper main force opened high and low, once jumped up to 4.
1%, intraday crude oil fell, black series change, bears turned back to suppress copper prices, copper prices fell slightly back to the lowest level of 36780 yuan / ton, late trading reduced the rise, closed at 36850 yuan / ton, up 150 yuan / ton, up 0.
41%, and the position increased by 7778 lots
.
At present, the bears have strengthened again, and the market is still focusing on the Chinese data to confirm whether demand is improving as expected, and it is still sorting
out near the 40-day line in the evening.

5.
Aftermarket analysis

Recently, the weakening of the dollar index and the steady rise of crude oil have not changed the decline
of non-ferrous metals.
Although Yellen's dovish comments briefly pushed London copper, the bearish raid caused London copper to plunge and fall below various short-term moving averages, showing a strong bearish atmosphere
.
The main contract of Shanghai copper has fallen by more than 11% since the beginning of March, and the better-than-expected economic data in March has a certain support for Shanghai copper, but market confidence is still insufficient, in summary, copper prices have not been out of the weak pattern for the time being, and there is a need
for technical correction in the short term.