Shanghai copper continues to rush weakly, and there is still heavy pressure above

In terms of external trading, the Asian market opened low at 4854.
5 US dollars / ton in the morning, and the overall trend of copper prices in the Asian session stabilized, and the short-term test rose 4854.
5 US dollars / ton in the morning, and the center of gravity basically revolved around the 4820 US dollars / ton line
.
Despite the favorable US stimulus bill, the dollar fell below the 101 mark, and gold fell from a two-week high, but the overall performance of the current bulk is still impulsive
.
Subsequently, at the end of the Asian market, as overseas stock markets continued to fall, dragging copper prices to a straight line, the European session bottomed out at $4767 / ton, at $4770 to be supported by buying gradually recovered around $4800, as of 17:30, London copper price of $4804 / ton, down $66 / ton, down 1.
32%.

At present, due to the continuous intervention of loose stimulus policies in the United States, the decline in the stock market has stabilized, and macro sentiment has gradually eased, but the downward trend of the economy is obviously easy to trigger a collapse of market confidence, and the trend of copper prices should not be too optimistic
.

In terms of the market, Shanghai copper is consolidating
around 39,000 yuan / ton.
In the morning, the general quotation of the holder is 10 ~ liter 10 yuan / ton, some low-price discount 20 yuan / ton of flat water copper is the first to be traded, and then the holder adjusts the quotation, flat water copper in the flat water line quotation, good copper premium 10 ~ liter 20 yuan / ton
.
At about eleven o'clock, it is difficult to find the source of flat water copper with discounts, the price is around 10 yuan / ton of premium, good copper is maintained at 20 yuan / ton of premium, wet copper follows the market narrowing to within 50 yuan / ton, and low-price wet copper is favored
downstream.
Since last week, during the low volatility of copper prices, downstream buying has gradually increased, traders' inventories have shrunk, transaction activity has increased, the domestic epidemic continues to develop, the government actively promotes the resumption of work policy, the downstream start consumption of the future market is expected to further increase, and the recent import copper supply has not further increased, and the holders intend to push up the premium
。 In the afternoon, the plate continued to sort out above 39,000 yuan / ton, the spot quotation was further pushed up, there was no discount source, including the source of the next month's ticket also directly raised, flat water copper flat water ~ liter 20 yuan / ton, good copper premium 20 ~ liter 40 yuan / ton, the transaction price has completely stood at 39000 yuan / ton, to 39000 ~ 39140 yuan / ton
.

Recently, due to the Fed's vigorous easing, Shanghai copper rose for two consecutive days, and then continued to rush up within the day obviously weak, many attempts to test the 40,000 yuan / ton mark but will eventually fail, due to the current European and American countries due to the impact of the epidemic loss is difficult to estimate, it is difficult to achieve the V-shaped recovery expected by the previous market, the market's expectations for this year's economic contraction continue to increase, even if the Fed's policy frequently promotes copper prices higher, but it is still difficult to get out of the bullish market, the current Shanghai copper closed negative, above is still under pressure, continue to pay attention to foreign trends, Test whether Shanghai copper can hold the 38,000 yuan / ton mark
.