Global risk aversion is heating up again, which is not good for higher copper prices

In terms of external trading, the Asian market opened at $5705 / ton in the morning, slightly repairing the bearish sentiment brought about by last night's announcement of the Fed's interest rate cut, and the short-term test rose at $5725.
5 / ton at noon, and the overall center of gravity of the intraday Asian session was basically around the $5715 / ton position
.
Entering the European market, it briefly tested down at $5694 / ton at the beginning of the session and quickly repaired above the $5700 mark
.
As of 17:30, the price of London copper was 5713.
5 US dollars / ton, an increase of 0.
95%.

From the data expectation, the current impact of the epidemic, the global macroeconomic downward trend is obvious, but also the main reason for the recent Fed to launch interest rate cuts, for the bulk market, macro is more bearish, copper prices downward probability enhanced
.

In the market, after the Fed announced a interest rate cut overnight, it triggered market concerns about the global economy, London copper gave up the gains at the beginning of the week and fell, intraday Shanghai copper followed the decline, copper prices fell back to 45100 yuan / ton line
。 The spot market basically maintained the quotation of the previous day, the quotation of good copper tends to stabilize in the range of discount 100 ~ discount 90 yuan / ton, traders are interested in buying around 110, if there is a low-price source can still attract traders to buy, flat water copper due to difficult to have a low price space to receive goods is still hesitant, some can be charged low price to flat water copper discount 120 yuan / ton; Recently, the number of imported copper outflow brands has increased, smelling Norway, Spain, the United States copper, etc.
, the quotation is almost close to wet copper, dragging down the original wet copper quotation, wet copper expanded to more than
200 yuan / ton.

The entire market trading is general during the day, some downstream bargains just need to replenish, traders favor low-priced sources but it is difficult to suppress prices, and it is difficult for supply and demand to break the deadlock
.
In the afternoon, the market slowly declined, due to the guidance of large traders receiving goods, the afternoon carrier quotation was slightly narrower than in the morning, flat water copper discount 110-100 yuan / ton, good copper discount 90-80 yuan / ton, the transaction price was 44950-45000 yuan / ton
.

Shanghai copper opened low in the morning during the day, and then maintained stability around 45250 yuan / ton, almost giving up all the gains of the previous day
.
Mainly due to the domestic Caixin service industry PMI fell sharply to 26.
5 in February, a sharp drop of 25.
3 percentage points, almost halved compared with last month, and superimposed on the current development of the epidemic abroad is not optimistic, according to the latest findings of the Chinese scientific research team, the new crown virus has now mutated, the uncertainty of disease control and prevention has increased again, and the global risk aversion has a trend of heating up again, which is not conducive
to copper prices.
At present, Shanghai copper closed negative, the upper pressure 20-day moving average, technical point of view Shanghai copper has not yet shown a higher trend
.
Continue to pay attention to the development of the overseas epidemic, and it is expected that under the risk of virus mutation and the continuous spread of the epidemic in many countries, it will be difficult for Shanghai copper to stand firm at the 45,000 mark in the short term
.