International oil prices collapsed and copper prices fell under pressure

International oil prices crashed, U.
S.
crude oil futures May contract fell to negative territory for the first time in history, overnight London copper rushed back down, the latest closing quotation of 5174 US dollars / ton, down 36 US dollars, down 0.
69%.

Today's non-ferrous metal market generally fell, today Shanghai copper opened low and went low, the main month 2006 contract opened at 41860 yuan / ton, the highest intraday 42160 yuan / ton, the lowest 41400 yuan / ton, settled 41710 yuan / ton, closed 41440 yuan / ton, down 960 yuan, down 2.
26%.

According to the National Bureau of Statistics, China's refined copper output in March was 771,000 tons, the lowest monthly output level since May 2019, down 2.
5% year-on-year, due to the impact of the epidemic caused some interruption in output; At present, there are no obvious signs of warming in downstream consumption, and the profit at the supply level has been partially digested, and spot copper prices are expected to fall
slightly today.

Industry News:

1.
WTI May crude oil futures settlement price closed at -$37.
63 / barrel, closing in negative territory for the first time in history, down $55.
9, or 305.
97%.

2.
Audi announced that it will gradually start the resumption of work and production
at its European plants at the end of April.
Audi said it will coordinate and align
with the Volkswagen Group to ensure the full resumption of work on the global production network, suppliers and service providers that will be restarted.

3.
On April 20, according to foreign media news, Minera Panamá, Canada's first quantum mining subsidiary, announced that it is working to bring back about 800 people
who are currently undergoing preventive quarantine at its Cobre Panamá copper mine.
A miner explained that 2,000 people have been trapped in
the mine after a coronavirus infection was discovered and a worker died.
The mine will continue to carry out some maintenance work to ensure the environmental safety of operations and to protect mining equipment
.
As of Sunday afternoon, Panama had a cumulative total of 4,210 confirmed cases and 115 deaths
.

From the perspective of copper fundamentals, the continuous dematerialization of inventories and the expansion of supply disturbances in overseas mining areas have made the fundamentals marginally better, but downstream orders have not yet shown signs of significant warming, the supply-side bullish market has been partially digested, the short-term continued upward basis is relatively fragile, the upward space may be limited, be wary of the risk of fallback, it is not recommended to chase long operationally, and the option follows the selling wide-span strategy
.