Shanghai copper gap high open maintained a high level of finishing during the day

Shanghai copper opened low yesterday and fluctuated slightly, with the main contract closing at 41560
.
The repair of macro sentiment in the early stage coupled with the marginal improvement of fundamentals drove copper prices to rebound
upward.
In the long run, the peak of the epidemic panic may have passed, but the worst moment of fundamentals has not yet come, the long-term trend of copper is not optimistic, and the upper resistance is greater
.
From the perspective of the plate, the current upward momentum is gradually declining, and there is a risk
of falling back in the short term.

In the spot market, today's domestic spot copper prices rose, Yangtze River non-ferrous metal network 1# copper price was reported at 42450 yuan / ton, up 700 yuan, premium 130-liter 190; Guangdong spot 1# copper price was reported at 42470 yuan / ton, up 750 yuan; Yangtze River spot 1# copper price 42530 yuan / ton, up 710 yuan, premium 220-liter 240; Shanghai spot 1# copper price was 42465 yuan / ton, up 695 yuan
.
Cargo holders insist on high premium shipments, some traders are bearish on late premium, and market transactions are cautious
.
The peak of the epidemic panic may have passed, overseas mine disruption continues to expand, inventories are in a state of decomposition, suggesting that downstream demand is recovering, and the risk to the sharp downside of copper prices is expected to weaken.

Industry News:

1.
Global miner Rio Tinto said on Friday it lowered its 2020 mining copper production target to 47.
5-520,000 tons, compared with its previous estimate of 53.
5-570,000 tons, and refined copper production in 2020 is expected to be between
16.
5-205,000 tons.
Demand in China continues to recover, but there is more uncertainty about the outlook for the rest of the world due to the coronavirus
.
Rio Tinto also said that all large-scale projects progressed well in the first quarter, but are now affected by the coronavirus, including restrictions imposed by the government, and may affect the original schedule of the 0YU TOLGOI copper-gold underground project
.

2.
Huang Yan, vice minister of housing and urban-rural development, revealed today that in 2019, 19,000 old urban communities were renovated in various places, involving 3.
52 million residents
.
In 2020, all localities plan to renovate 39,000 old urban communities, involving nearly 7 million residents
.
Except for areas that still implement closed management and have not entered the construction season, old community renovation projects in cities and towns are resuming work
in an orderly manner.