March 14 Copper Market Brief Review

Friday's Shanghai copper main contract 2005 opened at 43490 yuan / ton in the morning, quickly fell to a low of 42930 yuan / ton after the opening, broke the 43000 yuan / ton mark, and then rebounded slightly, the center of gravity and maintained stability at 43050 yuan / ton, the afternoon opening was a straight line quickly pulled up to a high of 43650 yuan / ton, and then slowly fell to around 43400 yuan / ton, and closed at 43650 yuan / ton, up 130 yuan / ton, or 0.
3%.

Shanghai copper fluctuated greatly during the day, mainly due to the outbreak of the global epidemic, coupled with the collapse of the global stock market, the market risk aversion was high, copper prices continued to decline at the open and fell below the 43,000 yuan / ton mark, but the domestic central bank announced that in order to support the development of the real economy and reduce the actual cost of social financing, the central bank decided to implement a targeted RRR reduction for inclusive finance on March 16, 2020, and a targeted RRR reduction of 0.
5 to 1 percentage point
for banks that meet the assessment standards.

Copper futures fell endlessly, the market fear of decline continued to pervade, spot traders and downstream are standing, in the face of the month's delivery countdown can not save the decline of spot premium, but the upcoming month will be re-ushered in the discount state is expected to be greater, the futures and cash are in a weak state, the transaction is difficult to improve for a while
.

The market heard the favorable sentiment and pulled back above 43,000 yuan / ton
.
However, due to the fact that the epidemic situation abroad has not improved, the slight rise is expected to be difficult to maintain sustainability, and Shanghai copper closed positive during the day, but there is still pressure on multiple moving averages above, and the pressure is greater, and it continues to test whether Shanghai copper can continue to stabilize the 43,000 yuan / ton mark
.