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On Thursday, Shanghai copper opened high and rose, and copper fluctuated overnight, and it is expected that Shanghai copper may open
flat today.
Domestic spot support, the recent trend of Shanghai copper is stronger than London copper, short-term may continue to fluctuate
around 42000.
Shanghai copper continued to rebound after receiving support at 35300, but as the global epidemic is still expanding, the medium-term market uncertainty is still large, and it is inevitable that there will be sharp rises and falls
.
Shanghai copper upper pressure 60-day moving average 43000, lower support 40000
.
In the external market, Apan Lun copper opened at 5105 US dollars / ton, after the opening London copper briefly fell to the lowest point of the day of 5084 US dollars / ton, and then rebounded at a low of about 50 US dollars / ton, but the upward momentum was insufficient, and London copper fell
again.
At 12 noon, international oil prices have risen from historical lows within the day, investors' optimism about risk asset investment has improved, and copper prices have risen sharply, getting rid of the decline
.
London copper entered the European session, extending its rally to $5171 / ton
.
However, the April Markit manufacturing PMIs from France, Germany, the Eurozone and the United Kingdom were released one after another, all of which fell short of expectations, and the composite PMI data of France, Germany and the United Kingdom recorded a record low
.
Investors' pessimistic expectations that the economies of European countries will be severely affected by the epidemic have worsened, and market worries have increased, dragging copper prices down
.
As of 17:00, London copper closed at $5132/ton, up $23.
5/ton, or 0.
46%.
In terms of the market, Shanghai copper rose sharply to 41800 yuan / ton, rebounding about
1,000 yuan.
Morning market holders quotation firm, market inquiry active, the market continued the previous day's quotation at 170 ~ premium 190 yuan / ton, good copper concentrated transaction in the premium 180 yuan / ton line, most of the holders flat water copper price above 170 yuan / ton, flat water copper a small amount can be pressed to 160 yuan / ton, downstream buying is not as good as the previous day, wet copper performance slightly lower than the previous day, the quotation at 130 ~ premium 150 yuan / ton
.
Copper rose sharply, holders maintained high prices, downstream buying interest decreased significantly, traders had limited speculative space, and the characteristics of supply and demand were obvious
.
In the afternoon, the center of gravity of the plate moved up to above 42,000 yuan / ton, spot consumption was weak, high premium inhibited market transactions, holders actively reduced shipments, flat water copper premium 160 / ton, good copper premium 170 yuan / ton, the market still has some traders at a low price to replenish the delivery of long orders, but the purchase volume has shown a significant decline, the transaction price is 42060 ~ 42220 yuan / ton
.
The current recovery in domestic consumption and the beginning of destocking, the setback in copper scrap imports, and the reduction in production of copper mines in Peru that have made domestic smelters feel raw material strains, are all factors
supporting copper prices.
However, the global economy and consumption are difficult to return to normal, and the fundamentals of copper will still be excessive, doubting
the rebound space of copper prices.
