Long-short forces stalemate The trend of Shanghai copper is obviously weak

In terms of external trading, the Asian market opened at $5591 / ton in the morning, and soon after the opening it tested at $5612 / ton, and then the center of gravity of copper prices in the Asian session basically maintained around $5595, and the above $5600 mark brought selling pressure
.
At the end of the Asian session, as the Bank of England urgently cut interest rates by 50 basis points to 0.
25%, the pound plunged nearly 100 points against the dollar, and copper prices followed suit, quickly testing the low of 5553 US dollars / ton, and after the short-term bottom, copper prices were revised
upward.
As of 17:00, the price of London copper was 5573 US dollars / ton, down 12 US dollars / ton
.

In terms of the market, Shanghai copper continued to rebound to 44300 yuan / ton line, close to delivery, the price difference fluctuated at 170 yuan / ton in the next month, the holder again raised the premium willingness is strong, the morning holder quotation discount 10 ~ liter 10 yuan / ton, discount 10 yuan / ton of flat water copper first transaction, then the price in flat water, good copper premium market transaction is suppressed, premium rise is hindered, a small number of holders for shipment cash, a part of the good copper down to flat water quotation, due to the limited downstream receipt, wet copper is difficult to significantly narrow the discount, Quotation discount 80 ~ discount 70 yuan / ton
.
Intraday intraday rebound is blocked in the gap, both lack of bulls to follow-up, and few bears to sell pressure rashly, intraday performance narrow fluctuations, spot premium before delivery of strong willingness to hold the price, few adjustments, lack of buying attractiveness to the market, market performance to stop and see, trade speculation willingness is suppressed, downstream is waiting for the price to fall back to adjust before choosing the opportunity to enter the market, so the two markets are showing stalemate and
tug-of-war.

In the afternoon, Shanghai copper began to break the sideways pattern in the morning, the center of gravity gradually moved lower, closed at the lowest level of the day, spot continued to maintain the firm attitude of the holder, in the morning quotation unchanged, few inquirers, the pullback of the plate failed to stimulate buying, in the afternoon flat water copper held steady near flat water, there are few quotations of 10 yuan / ton, good copper is basically around 10 yuan / ton, interested parties can press the price to flat water, the transaction price fell to 44100-44190 yuan / ton
.

Shanghai copper trend was obviously weak during the day, mainly due to the collapse of OPEC+ negotiations, crude oil plummeted, but then oil prices quickly recovered to a high of $36 / barrel, but intraday oil prices rose again significantly weak, as investors remain bearish
on oil prices for a long time.
At the same time, the epidemic abroad continues to be serious, the British health minister has also confirmed the infection, and the Bank of England also announced an emergency interest rate cut of 50 basis points to save the economy.

At present, Shanghai copper closed negative, above the pressure of many moving averages, technical pressure is still heavy, the current center of gravity of Shanghai copper is stable around 44,300 yuan / ton, short-term again the probability of soaring high is not large, continue to test whether Shanghai copper can stabilize above
44,000 yuan / ton.