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Overnight, Shanghai copper opened high and closed low at a small black candle, falling
slightly.
Domestic spot support, Shanghai copper trend stronger than London copper, short-term may continue to operate
around the 43000 and 5-day moving average.
Considering that May is the centralized delivery time of the State Grid, the internal market may continue to fluctuate at a high level or rebound
moderately.
Due to the uncertainty of the epidemic, the market may be weaker
from the end of May.
Shanghai copper upper pressure 45000, lower support 42000
.
In terms of news, the US CPI monthly rate after quarterly adjustment in April was -0.
8%, previous value: -0.
40%, expected: -0.
8%, refreshing the lowest since
November 2008.
US Core CPI -0.
4% m/m vs prior: -0.
10%, -0.
20%
expected.
American experts believe that the time to restart the economy is too early, there is a greater risk of the epidemic, yesterday's Chinese CPI/PPI was less than expected, the night US CPI was weaker than expected, the dollar fell, and non-ferrous metals weakened
across the board.
Before the end of this week, 48 states in the United States will partially restart, American infectious disease experts warn that reopening the economy too quickly may cause a second outbreak of the epidemic, and the recent partial reopening of the national epidemic has been repeated, and the impact of the epidemic on the economy is still the biggest pressure
on the market.
Back to the copper market, although LME inventories fell by 12,000 tons on Tuesday, the domestic fundamentals are running out
.
Domestic supply increased, spot rapid discount, refined waste ratio higher, scrap copper holders actively shipped, domestic copper smelter production turned positive in May, foreign mines restarted, consumption domestic enterprises began to feel the pressure of reduced exports, copper market pressure is increasing
.
Tend to copper market rebound near the end, trading can begin to layout short orders
.
