Shanghai copper maintained a slight volatility and the market trading performance was light

In the external market, Apanlon copper opened at 5041 US dollars / ton, and after the opening, stimulated by the sharp rise in US stocks and crude oil last night, copper prices quickly tested to 5071 US dollars / ton
.
Due to the market's great uncertainty about macro factors such as the development of the epidemic and the progress of the OPEC+ meeting, bulls began to take profits after copper prices have risen in recent days, and copper prices then entered a downward range
.
After entering the European session, copper prices continued to fall, and the low level fell to 5004.
5 US dollars / ton, testing the support
of 5000 US dollars.
As of 17:00, London copper closed at $5,015/ton, down 0.
15%.

In terms of the market, Shanghai copper opened high and low to 40,850 yuan / ton, hindered at the 41,000 yuan mark
.
Intraday cargo holders are entangled, the contradiction between cash exchange and willingness to rise to the water is glued, the lack of market support transaction is difficult to raise, and the high copper price and high premium make it difficult for the market to stop
.
Spot quotes continued to decline
in the afternoon.
Due to the pressure on the afternoon market price, it further stimulated the high shipment sentiment of holders, but the market received few goods, and the overall transaction performance was light
.
In the afternoon, flat water copper reported a premium of 50-60 yuan / ton, a good copper report of 60-a liter of water 70 yuan / ton, and the transaction price was in the range of 40900-40970 yuan / ton
.

The main force of Shanghai copper opened higher and lower during the day, and the center of gravity rose significantly from the previous day, mainly because the market heated up expectations for a production cut agreement at today's upcoming OPEC+ meeting
.
Russia has also expressed its willingness to cut production, which has a short-term increase in oil prices, which has an impact
on copper prices.
However, the current contradiction between international crude oil supply and demand is extremely serious, India, as the world's third largest crude oil importer, its crude oil demand has plummeted by 70% due to the epidemic lockdown measures, confirming the market's expectation
that crude oil demand will be even bleaker under the influence of the epidemic.
Investors have reservations
about the continued improvement in oil prices.
Last day, the chairman of the Eurogroup said that the finance ministers of various countries have not agreed on a relief package for the nearly 500 billion new crown pneumonia epidemic, and the market sentiment has become more fragile
.

It is reported that Minmetals Resources announced force majeure on the supply of Las Bambas copper mines, due to Peru's blockade to protest the spread of
the epidemic.
Recently, overseas copper mine supply has encountered force majeure one after another, and supply disturbances have continued to expand; China continues to support the new energy vehicle industry, many departments revealed that it is good, will continue to increase the construction of charging infrastructure, and it is expected that spot copper prices will continue to rise
slightly today.