Economic liquidity risks intensify, copper price rally is still difficult to continue

Externally, the Asian morning London copper opened low at 4741 US dollars / ton, the opening bottomed out at 4613 US dollars / ton, as Trump said that he will intervene in the oil stalemate at the right time, the last day U.
S.
oil rose nearly 24% to usher in a sharp rebound, copper prices also have a certain boost, the center of gravity of copper prices in the morning slowly oscillated upward to the $4700 mark
.
At the end of the Asian market, as the market digested the pessimism of the global stock market the day before, risk assets rebounded, copper prices also rose, the European session has been repaired above the $4900 mark, as of 16:00, London copper price 4910 / ton, up 2.
05%.

In the market, after the copper price over-falling, the short positions were closed in large quantities, and the rebound rebounded to more than
38,000 yuan / ton within the day.
Morning market discount 10 ~ liter 10 yuan / ton, market inquiry enthusiasm is high, low price replenishment willingness is obvious, buyers have a general price pressure, morning market flat water copper in the discount of 30-20 yuan / ton to have a transaction, good copper forced to reduce to a discount of 20-10 yuan / ton, the transaction strength is not as good as flat water copper
.

During the day, the domestic and foreign plates temporarily stopped falling, profit bears temporarily left the market, copper prices were able to breathe, 38,000 yuan / ton of copper prices almost four years low, downstream into the market to buy the low order replenishment positively, the market buying is promoted, the transaction is acceptable, in the afternoon, the bears continue to withdraw, Shanghai copper continues to rise straight up and rebound, the plate returns to the high level of 39,000 yuan / ton mark, the downstream continues to replenish, but the purchase volume has dropped significantly from the morning, flat water copper reported at the discount 50 - discount 40 yuan / ton, good copper discount 30 - discount 20 yuan / ton The transaction price has been significantly increased to 38250-38830 yuan / ton
.
Copper prices are still under the control of bears in the short term, and have not reversed the weak market trend, so after a round of replenishment, the market is cautious and there are still concerns about continuous
buying.

For the first time in the day, Shanghai copper lifted the two-day consecutive day stop, firstly due to the profit-taking of some bears and exited, and secondly, due to the optimistic rhetoric of the British prime minister, saying that he was confident that he would reverse the situation and drive the new crown virus out of the UK
within 12 weeks.
And the Fed once again announced that it will establish swap lines with 9 central banks to prevent liquidity from drying up, and the dual factors helped Shanghai copper rise
during the day.

From a macro perspective, the current global epidemic uncertainty factors are still large, and the economic liquidity risk is intensifying, under the trend that the root cause of the epidemic has not yet improved, the rally is still difficult to continue, continue to pay attention to the policy trends of various countries and the epidemic control situation, and test whether Shanghai copper can effectively break through 39,000 yuan / ton based on 38,000 yuan / ton
.