Copper returns to the low level and returns above the daily moving average

In terms of the external market, the Asian market opened at 5712 US dollars / ton in the morning, after the opening, due to the global spread of the virus epidemic, causing panic in the financial market, gold reached a new high, and U.
S.
crude oil opened low and went more than 3%, commodities were generally under pressure, copper prices fell below the $5700 mark in the morning, down to a low of 5680 US dollars / ton, after the low shock, the overall center of gravity was repaired, and the Asian market ended to test 5716.
5 US dollars / ton
.
Entering the European market, European stock markets fell all the way at the open, London gold prices rose again, copper prices fell below the $5700 mark again
.
As of 17:00, London copper was $5690/ton, down $75/ton, or 1.
3
%.

In terms of the market, the outbreak of the epidemic abroad escalated, commodities were suppressed and fell, and Shanghai copper fell to 45,700 yuan / ton, a drop of more than 300 yuan / ton
.
The morning quotation discount is 150 ~ discount 130 yuan / ton, the discount quotation is significantly narrower than last week, so that the market has almost no transaction; So the holder took the initiative to lower the quotation to seek a transaction, flat water copper discount around 170 to have a transaction, good copper concentrated transaction in the discount 160 ~ discount 150 yuan / ton, downstream to take goods gradually increased, wet method narrowed significantly compared with last Friday, the quotation discount 250 ~ discount 230 yuan / ton
.
The results of domestic epidemic prevention and control have gradually appeared, local governments have orderly promoted the resumption of work and production of downstream enterprises, and copper has fallen in the future, stimulating market activity; Low discount quotations can still attract traders to enter the market to receive and deliver long orders, and the market transaction is better
than at the beginning of last week.
However, as the delivery of long orders this month is nearing the end, the spot market demand in the afternoon is obviously lighter than in the morning, and the inquiry atmosphere is no longer positive, so that the holders take the initiative to lower the quotation to attract transactions, the current demand for long orders can still provide the last support for the spot price, but after the long order falls behind the curtain, the spot quotation is expected to be significantly reduced
.
In the afternoon, the flat water copper newspaper discount 180-discount 160 yuan / ton, good copper newspaper discount 160-discount 150 yuan / ton, the transaction price is in the range of 45640-45700 yuan / ton
.

The main trend of Shanghai copper during the day was lower than last week's performance, mainly because the current domestic epidemic situation has been gradually controlled, and the resumption rate of enterprises is gradually increasing, and the overall performance is controllable
.
However, the rapid spread of the epidemic abroad, such as South Korea, Japan, the Middle East, Europe and other places, led to a sharp rise in risk aversion in the global market, CMX gold owners continued to soar more than 1684 US dollars / ounce, Shanghai copper was stimulated by risk events to rise weakly
.
At present, Shanghai copper closed a small white line, above the pressure of multiple moving average resistance level, KDJ showed a bearish expansion, technical look high resistance
.
Continuing to pay attention to the international development of the epidemic will become a risk point to limit the rise of copper prices, testing whether Shanghai copper can hold the low level
of 45,700 yuan / ton.