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Shanghai copper afternoon review on April 7

 Last Update: 2022-12-18
 Source: Internet
 Author: User

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Shanghai copper was closed for one day
yesterday due to the Qingming Festival holiday.
Copper prices held steady and volatile yesterday evening, running near
the $4900/ton platform.
Shanghai copper finds support at 35300 and today may test the pressure
around the 20-day MA around 40500.
However, because the epidemic situation in the United States and Europe is still expanding, the medium-term market uncertainty is still large, and the follow-up will inevitably rise and fall, the United States said that the next 2 weeks may be the peak of the epidemic, and the downward trend of copper prices may not reverse for the time being
.
Shanghai copper upper pressure 42000, lower support 35000
.

Shanghai copper

In response to the global recession stimulus measures brought about by the epidemic, the Japanese government prepared to launch a $990 billion economic stimulus plan on Monday, as market concerns about the release of the US non-farm payrolls data on Friday were eased, and copper prices rebounded
slightly yesterday.
At present, the epidemic in South America has a greater impact on the supply side, Chile and Peru copper mines and electrocopper shipments are more difficult, and Mexico declared a state of emergency last week, which has strong support
below copper prices.
Driven by the continuous release of favorable macro and other risk assets, there is room for copper prices to rise
.

In terms of spot, due to the large fluctuation of copper in the current period, holders maintain a strong price, but the pace of premium re-push is slow, traders are difficult to receive and reduce the price space, supply and demand side tug of war characteristics are obvious, it is expected that today's spot quotation is still
deadlocked.
Spot premium 130-liter 150 yuan / ton
.

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