May 21 Copper Market Brief Review

Yesterday night, Shanghai copper rose sharply from 43800 yuan / ton to 44350 yuan / ton
.
Today's Shanghai copper main force opened at 44340 yuan / ton in the morning, and the copper price gave up part of the rise to 44210 yuan / ton
.
Immediately afterwards, the bulls increased their positions one after another, and the copper price rushed to the highest point of the day of 44500 yuan / ton
.
However, the bulls' intraday push was limited, and the market fell to 44340 yuan / ton, and around this position for sideways until the noon close
.
In the afternoon, copper price fluctuations increased, long profits left, short positions increased, copper prices fell to 44050 yuan / ton
.
Before the close, copper prices rebounded and finally closed at 44150 yuan / ton, up 450 yuan / ton, or 1.
03%.

In terms of spot, the price remained basically stable, scrap copper continued to be tight, the price also rose slightly, TC remained unchanged, Yangshan copper premium remained basically stable, and the trading volume increased
greatly.
The fundamentals have not changed much, the mine end continues to be tight, the smelter production limit is basically determined, domestic and foreign inventories have decreased slightly, this week the bonded zone inventory has fallen slightly, imports maintain losses, the Shanghai ratio has declined, and scrap copper stocks have declined
.

During the day, Shanghai copper mainly ran above the high of 44,000, mainly because the market's expectations for the global economic recovery were further strengthened, and the country was also eagerly awaiting the introduction of favorable policies at the "two sessions", macro sentiment continued to heat up, and copper prices were supported
.
But concerns about the long-term impact of the new crown epidemic remain, and the cumulative number of new crown pneumonia cases in the world has exceeded 5 million, and investors' cautious attitude has stopped the dollar index and suppressed the momentum of copper prices
.
At present, Shanghai copper closed in the sun, continuing the rally, copper prices jumped away from the lower moving average, KDJ opening continued to expand, the technical situation is positive for copper prices
.
In the evening, wait for the guidance of the external market to test whether the bulls can continue to exert strength and support the Shanghai copper upswing
.