Copper prices rebounded and recovered some of their losses

In terms of external trading, Apan Lun copper opened at 5070 US dollars / ton, and after the opening, London copper briefly rushed to the intraday high of 5080 US dollars / ton
.
Brent crude oil prices also suffered a heavy intraday drop as the impact of Monday's May WTI crude oil futures contract was transmitted to forward contracts, causing the June contract to plunge on Tuesday
.
The historic low of oil prices stimulated the market risk aversion to heat up, after the domestic open, London copper fell sharply below the $5,000 / ton mark, the lowest reached $4,973.
5 / supported at the 20-day moving average, copper prices bottomed out, but still under pressure on the daily average, consolidated near the $5,000 mark, copper prices jumped up in the afternoon, rushed across the daily average, and the center of gravity moved up to the 5035-5050 US dollars / ton range oscillation
.

Entering the European session, the UK released CPI data for March, and the annual CPI rate in March recorded 1.
5%, down from the previous month, mainly caused
by the epidemic lockdown measures combined with the decline in oil prices.
The data fell within expectations, did not have a negative impact on base metals, nonferrous metals rushed higher again, climbed 5083 US dollars / ton, as of 17:30, London copper reported 5068 US dollars / ton, up 41.
5 US dollars / ton, or 0.
85%.

In terms of the market, the crude oil market worries intensified, dragging down commodities, Shanghai copper fell below the support of the moving average, fell more than 1,000 yuan, down 2.
45%, fell to around 40800 yuan / ton, under the sharp decline in the market, the holder raised the quotation to 170 ~ 190 yuan / ton from the previous day, flat water copper maintained stable at 170 ~ 180 yuan / ton, good copper maintained at 180 ~ 190 yuan / ton, low-priced sources still attract some traders to buy, but it is difficult to have room for price reduction within the day; The quotation of wet copper rose at the same time, and the price of the holder was about
140 yuan / ton.
Copper futures were negative for two days, downstream enterprises replenished at low prices, and buying transactions improved; Although traders have the willingness to receive the goods, but the price is difficult to reach the desired price, the holder is more willing to lift the water, the target premium of 200 yuan / ton, but the current stalemate is difficult to support the smooth lifting of the premium
.
In the afternoon, the center of gravity of the plate ran higher than 41000-41200 yuan / ton range, the spot premium remained unchanged, flat water copper premium 180 yuan / ton, good copper premium 190 yuan / ton, some individual holders have a premium of 200 yuan / ton, reported, but the transaction is still difficult to accept, the transaction price rose to 41230-41400 yuan / ton
.

Shanghai copper once again jumped low during the day, mainly because the panic in the oil market was transmitted to the global capital market
.
The collapse in oil prices is spreading
to the future.
After the WTI May contract fell into negative territory for the first time in its history, the WTI June contract was also affected, plunging 70%
intraday on Tuesday.
Oil prices also fell sharply, falling more than 15% at one point, refreshing a new low
in 21 years.
Markets are more pessimistic
about the outlook for the global economy.
Fundamentally, tight copper supply continues to support copper prices, with Chilean miner Antofagasta announcing that it will cut its 2020 copper production target and cut its capital expenditure plan
due to the pandemic.
Shanghai copper closed down during the day, the MACD red column continued to contract, and the upper pressure was on the 5, 10, and 40-day moving
averages.
After that, pay attention to whether the bulls can continue to exert force at the low level to support the rise
in copper prices.