Copper prices fluctuated at a high level, and the long-term weak trend is difficult to reverse for the time being

Recently, the impact of the epidemic on the economy has begun to be reflected in the economic data of overseas countries, the number of unemployed in the United States has soared, and the European waiter PMI is close to halping, but the domestic manufacturing PMI has risen to 52%, coupled with the RRR reduction stimulus, which has played a certain role
in boosting market confidence.
In addition, the call between the United States and Russia on the oil price issue stimulated the rise in oil prices, which also played a good role in stimulating the market atmosphere
.
However, the recent focus of the market is still on the overseas epidemic, although some countries have a turning point in new cases, but the global outbreak stage, from sentiment to supply and demand, suppressed copper price trend weakening is difficult to reverse
.

As far as copper supply and demand is concerned, as the southern hemisphere countries enter a state of emergency affecting copper concentrate production and shipments, the market is worried that supply TC will continue to decline, while the resumption of domestic downstream production will drive spot inventories down, but considering the shrinking overseas demand, it is expected to enter the accumulation stage
again.
At this stage, copper price fluctuations are priced entirely on the basis of its financial attributes, and although the most panicked phase has passed, the impact of demand has not yet been fully reflected
.
In the short term, due to the improvement of market sentiment, stimulus policies in various countries and the rebound of crude oil, copper prices may rebound, but they are not optimistic about the strength of the rebound, and the weakening trend of copper prices has not been reversed
.
Operationally, it is recommended to be cautious and actively seize the opportunity given by the rebound to reduce risk exposure
.

At present, countries have increased counter-cyclical adjustments, and the news that Russia, Russia and the United States may reach a consensus on oil production cuts has led to a sharp rebound in crude oil, helping copper prices to recover
.
The overseas epidemic is still accelerating, the current game between the epidemic and macro policy and the game of oil prices is still relatively uncertain, copper prices are affected by changes in the macro environment fluctuate or be more severe, investors still need to be cautious
.