Risk aversion has heated up, and Shanghai copper continues to operate under pressure

In terms of news, the overseas epidemic continues to deteriorate, the cumulative number of confirmed cases has reached 29,000, and population movement control has been implemented in key areas including Italy, and the market is worried that it will have an impact on economic fundamentals, and risk aversion continues to heat up, resulting in lower risk asset prices
.
Although the domestic counter-cyclical adjustment hedges the impact of the epidemic, but the actual landing of the project and the start of construction and policy time dislocation, in the panic caused by the spread of the overseas epidemic, the confidence in demand recovery is slightly "more than enough and insufficient strength", it is expected that the recovery of copper prices in the short term will be suppressed, it is recommended to temporarily leave the market in the early stage to avoid concessions
.

In terms of markets, spot discounts narrowed slightly last week compared to last week
.
At the beginning of the week, copper prices rose slightly, but the market was still unwilling to reduce shipments, downstream consumption also maintained rigid demand, consumption momentum was insufficient, and the discount was concentrated in the discount of 120-90 yuan / ton
.
Subsequently, due to the spread of the epidemic, copper prices came under pressure and declined, but the market traded generally, and some downstream companies only replenished goods at low prices, which was difficult to break the deadlock between supply and demand
.
The liter discount stalemate is at the discount 120-90 yuan / ton
.
Near the weekend, copper prices fell below 45,000 yuan after further lower, downstream bargain replenishment, active buying increased, traders favored the source of warehouse receipts, holders of the willingness to raise prices unchanged, the discount slightly narrowed, concentrated transaction between 90 discount - 70 yuan / ton discount
.
The increase in imported copper at the low end of the market has had an impact on wet copper

The weekly position of Shanghai copper's main 2004 contract decreased by 3,143 contracts to 125,000 lots, mainly due to the continuous reduction of short positions
at the beginning of the week.
The weekly position of the Shanghai Copper Index increased by 15,000 lots to 384,000 lots, mainly reflecting a significant backward shift in the main position, which is expected to complete the main backward shift early next week
.
The futures price has run to around 45000, the market began to turn into shock, after the continuous decline, the long and short divergence will change, pay attention to the repair rebound
of the 44500 support below.