Copper rebounded from its low level and revised upward, but the high level is still limited

Externally, in the morning of the Asian session, US President Trump said that he would seek to cut payroll taxes, intraday risk appetite sentiment picked up sharply, international oil prices rebounded from low levels, Asian stocks also rose sharply, and the yen gave up all of the previous day's gains
.
Therefore, copper prices jumped higher than $5563/ton in the morning, and showed a strong upward trend after testing a low of $5562/ton before noon, peaking at $5653.
5/ton
in the afternoon.
However, the high level obviously showed insufficient momentum, mainly affected by the recent collapse of OPEC+ alliance production cuts, the collapse of crude oil has suppressed the bulk of the market, and copper prices have fluctuated back down at the end of the Asian session
.
As of 17:00, the price of London copper was 5624 US dollars / ton, an increase of 1.
82%.

The evening economic data is light, and under the current negative pressure from macro and many aspects, copper prices are under greater upward pressure
.
London copper has not been able to make up for the gap in the previous day, and the downward arrangement pressure of the upper daily moving average is greater
.

In terms of the market, the price difference in the next month is around 190 yuan / ton, the market inquiry is positive, the morning market quotation flat water copper discount 20 yuan / ton, good copper quotation discount 10 yuan / ton nearby, good copper pressure price discount 20 yuan / ton to have traders trade, flat water copper pressure price discount 30 yuan / ton, the transaction is also acceptable, after the rebound of the plate, downstream buying is not as good as the previous day
.
Before delivery, the holders try to raise the quotation under the influence of the price difference of the next month, but the actual results are more difficult, and the cautious demand and delivery state make the intraday market show the supply and demand tug-of-war
again 。 The opening copper price in the afternoon followed all metals to highlight the straight line to pull up the trend, the plate quickly rushed to 44500 yuan / ton, the market is on the sidelines, neither anyone inquires for prices, nor few holders take the initiative to offer, the original part of the original value preservation on the previous day lost the opportunity to close the position, can only bite the quotation, unwilling to lower, but it is also difficult to raise the quotation, flat water copper bite discount 20 yuan / ton, good copper maintenance stable in the discount 20-discount 10 yuan / ton, although the transaction price rose sharply to 44280-44400 yuan / ton line
。

Shanghai copper rebounded at a low level during the day, mainly because following the failure of the OPEC+ negotiations on the previous day, the capital market was in chaos, oil prices plummeted, and the Shanghai copper linkage also plummeted more than 1,000 points, the intraday market gradually digested the unexpected news, Shanghai copper returned to above the 44000 mark, the market is willing to cover the gap window, it is expected that Shanghai copper is expected to continue to be slightly revised upward, but due to the outbreak of the global epidemic, the global stock market is full of mourning, which is bound to have a serious impact on the economy, before the epidemic is positive, even if Shanghai copper is revised upwards but the high level is still limited, Test whether Shanghai copper can break through the 45,000 yuan / ton mark
upwards.