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Copper market afternoon commentary: global manufacturing output was hit hard in April, and London copper fell by more than 1.
3% during May Day; The recovery of domestic industry demand lags production, import and export uncertainty has increased, and copper is expected to fall
today.
During the May Day holiday, affected by the tightening of Sino-US relations and concerns about the epidemic, European and American stock markets and international non-ferrous metals once fell heavily, but then rebounded
from a low level.
As of the close of trading on May 5, London copper futures closed at $5176 / ton, up 0.
92%
in a single day.
In May, although many countries around the world are expected to strengthen economic recovery and policy stimulus after the inflection point of the epidemic, especially the rapid recovery of the East Asian and European economies in the second quarter or at a low level, coupled with the rebound of crude oil prices, the market panic once improved, however, with the impact of the new crown epidemic in the United States caused politicians to dump the pot, the escalation of the Sino-US political and economic confrontation made the market worried about global systemic risks, superimposed on the epidemic on the future economic "medium-term risk" is huge, considering the future resonance spread of the virus in the northern and southern hemispheres and the risk of secondary transmission in Europe and the United States, The current rebound of commodities is only regarded as a rebound, and the future market does not rule out the possibility of
a second bottom.
