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On Friday, the main force of Shanghai copper opened at 43880 yuan / ton in the morning, after the opening of the short short, copper prices fell to 43690 yuan / ton, and then long positions increased to drive copper prices to rebound slightly, but the upward push energy is insufficient, and the short booster plate fell to 44330 yuan / ton
.
Copper prices recovered slightly after testing low, and the center of gravity stabilized at 43440 yuan / ton, and closed at 43520 yuan / ton
at midday.
At the beginning of the afternoon, copper prices fluctuated slightly around the line of 43450 yuan / ton, and the end of the day was short and more out of the market, and the copper price fell slightly, closing at 43260 yuan / ton, down 940 yuan / ton, down 2.
13%.
South American copper mine exports will improve, Peru and other countries large mines will take the lead in resuming work, Chilean mining industry will also gradually resume production, the tight supply of mines will be eased, the shortage of scrap copper supply will also improve, and the supply side to the price support is gradually weakening
.
However, the current trend of inventory dematerialization has not changed, and social stocks in mainstream areas have continued to decline
.
Domestic industrial data has improved, and production demand has gradually improved
.
Stimulated by national policies, the pace of grid investment has accelerated, and it is expected to continue its strong momentum in May
.
At present, the start of downstream enterprises has basically returned to normal levels, terminal demand is also warming, the overall consumption performance is still strong, and the continuous destocking has driven spot to maintain premium
.
The 2020 government work report released a few days ago did not set a specific GDP growth target, confirming the market's expectation
that the economy will be seriously damaged.
In addition, the rise in risk sentiment in recent days has weighed on copper prices
, as tensions between China and the United States have further escalated, and global investors are worried that the trade relationship between the two countries has deteriorated again and hurt the economy.
Falling oil prices also dragged copper prices down during the day
.
Fundamentals have not changed much
.
Shanghai copper closed negative during the day, giving up the previous three days' gains, MACD red column contracted significantly, close to the 5-day and 10-day moving averages below, waiting for external guidance, testing whether Shanghai copper can hold the 43000 mark
.
