Copper prices extend their rally and wait for external guidance

In the external market, Apanlon copper opened at 5177 US dollars / ton, and after the opening, the long position copper price fell to the lowest point of the day at 5146.
5 US dollars / ton
.
Before the opening of Shanghai copper, London copper fell back after a short rebound, and then the short flat and long into the copper price pierced the $5200 / ton mark, and the center of gravity stabilized at $5198 / ton
.
Shanghai copper opened in the afternoon, London copper fluctuated to the upside, touching the highest point of the day of 5219 US dollars / ton
.
Entering the European session, London copper fluctuated
in a narrow range around 5210 US dollars / ton.
Around 16:00, London copper fell by about $15/ton and returned to the $5200/ton mark
.

Intraday copper opened lower and higher, mainly due to the relaxation of epidemic prevention restrictions in Europe and the United States to restart the economy, the market expects copper demand to further improve, market risk appetite is
boosted.
However, in the afternoon, the April, PMI data from Italy, France, Germany and the Eurozone were released one after another, indicating that the service sector in European countries was almost stagnant
due to the impact of the epidemic in April.
Market expectations for a recovery in Europe took a hit, with the euro falling to a one-week low against the dollar and copper prices also falling
in the short term.
As of 17:00, London copper closed at $5210/ton, up $34/ton, or 0.
66%.

At present, London copper is closing in the sun, and there are multiple moving averages below support
.

In terms of the market, the Shanghai copper market opened low and went high, the first day after the holiday holders quoted positively, the morning market quotation was slightly raised to 130 ~ 140 yuan / ton after the holiday, the low price attracted traders to receive goods, the transaction was acceptable, and then the flat water copper was raised to 140 yuan / ton, the good copper premium 150 ~ 160 yuan / ton was available, the transaction fell into a stalemate after the uplift, and the downstream post-holiday receipt maintained a rigid demand state, and the wet copper quotation was deadlocked at about
100 yuan.

The overall transaction during the day is general, and the recipients of the morning market are mostly some large traders, mainly for their appropriate replenishment in the state of low inventory after the holiday, and the holders are unwilling to sell at low prices, and the supply and demand sides show the characteristics
of wait-and-see on the first day after the holiday.
In the afternoon, Shanghai copper continued to rise above 42850 yuan / ton, spot quotation premium remained stable, the market is still difficult to find low-price flat water copper sources, although the market inquiry atmosphere is active, but due to the difficulty of price limited transactions, flat water copper premium 140-150 yuan / ton, good copper premium 150-160 yuan / ton, the transaction price with the plate pulled up to 42900-43040 yuan / ton
.

Shanghai copper performance opened low and went high during the day
.
During the holiday period, London copper fell
due to dismal economic data from Europe and the United States and the escalation of tensions between China and the United States.
Shanghai copper was also dragged down, opening about 500 yuan / ton
in early trading.
Shanghai copper prices rebounded during the day, mainly due to the positive news that many countries eased epidemic restrictions to restart the economy, and the market expected to improve copper demand
.
From a fundamental point of view, domestic copper consumption is stable and supply is tight, which supports copper prices
.
At present, there is a 10-day moving average support below the main contract of Shanghai copper, and the 60-day moving average is under pressure above, and the KDJ indicator opening is expanding, and there is still room for growth in technical terms
.
In the evening of the day, the domestic market will restart the night trading, waiting for the guidance of the external market, testing whether Shanghai copper can continue its rally and hit the 43,000 yuan / ton mark
.