March 7 copper market morning review

On Friday, the main contract of Shanghai copper 2004 opened directly after the morning opening at 45010 yuan / ton, and then maintained stability below the daily moving average and fell below the 45000 yuan / ton mark, during the period copper price narrow range between 44920-45000 yuan / ton, the afternoon copper price rose slightly to 44990 yuan / ton, but the resistance to break through the 45000 mark is still strong, copper prices obviously weak upward, the end of the session continued to slide and closed at 44900 yuan / ton, down 440 yuan / ton, down 0.
97%
。

In terms of the market, the morning market quotation is completely narrowed within 100 yuan discount, the holder put in the test quotation, the quotation flat water copper discount 90 yuan / ton was quickly collected, then flat water copper immediately showed the quotation discount of 80 yuan / ton and the quotation remained firm, good copper maintained in the discount 80 ~ discount 70 yuan / ton range, flat water copper transaction proportion is large, maintain high activity, wet copper with the market quotation narrowed, self-discount 200 yuan / ton followed the discount of about 170 yuan / ton
。 Copper prices fell below the 45,000 yuan / ton mark during the day, the low price of holders continued to narrow the discount, the low-price source of goods is still favored by traders, the downstream performance is actively buying and replenishing the low, and the next week gradually enters the delivery cycle, and the discount will be more obvious day by day narrowing
.

Shanghai copper running at a low level within the day, and has fallen below the 45,000 yuan / ton mark, mainly the current global epidemic spread speed acceleration, the global economy has a greater impact, in addition to the Federal Reserve, the European Central Bank, the Bank of Japan, etc.
have also adopted economic policies to hedge the risk of the epidemic, while the economic impact has caused the market to worry about demand, OPEC this year further production reduction appears more urgent, oil prices are difficult to curb the pace of decline, U.
S.
crude oil has now fallen to 46 US dollars / barrel, Shanghai-copper linkage continues to decline, it is expected that the short-term epidemic is difficult to improve , copper prices are difficult to rise above
the 45,000 mark.