Copper returns to a low level and there is still pressure above

In terms of the market, holders generally shipped at high prices, market confidence recovered, and trading improved
significantly.
The epidemic threatens copper concentrate supply, China's copper concentrate processing fees fall, and as China's consumption recovers, there is support at the bottom of copper prices, which may fluctuate
in the short term or range.

Industry News:

1.
Shanghai Five Star Copper Co.
, Ltd.
held the groundbreaking ceremony of the high-precision copper strip project with an annual output of 200,000 tons in Chizhou High-tech Development Zone, Anhui Province today, which marked the official start
of the relocation of the Shanghai production base and product upgrading of Five Star Copper Industry.
The first phase of the 50,000-ton project, with an investment of 552 million yuan, mainly produces high-precision and ultra-long large-coil heavy copper strip, electronic frame copper strip, transformer copper strip, cable copper strip and other products, and the project is expected to be completed and put into operation
before the end of 2021.

Peru's National Association of Mines, Petroleum and Energy (SNMPE) announced that most of its 60 member companies have evacuated 75% of their personnel
from the mines.
Prior to this, the Peruvian government declared a state of
emergency.
But according to the Ministry of Energy and Mines, mining operations cannot be stopped
completely in order to be safe and prevent disasters such as tailings pond overflows or acid drainage from concentrates.
Therefore, the Government has instructed mining companies to retain the minimum required staff
at their sites.
The government also requires miners to send a daily report by 6 p.
m.
local time informing authorities of ongoing activities
at each mining site.

Shanghai copper rebounded from its lows during the day, mainly due to the Federal Reserve's announcement of unlimited easing measures to ease liquidity shortages, while the Fed said it would allocate $300 billion to new lending programs to help most sectors
of financial markets.
The Shanghai copper market was boosted to end the consecutive decline and opened high, but due to the epidemic factors have not yet eased, the momentum of the trend after the high opening is obviously insufficient
.
At present, Shanghai copper is closing negative, the upper pressure is under the 5-day moving average, and there is still pressure above the technical point of view, waiting for the epidemic control effect of various countries, testing whether Shanghai copper can stabilize the 37,000 yuan / ton mark
.