Shanghai copper opened low and rebounded, and market consumption was weak

Market focus: (1) As of the 30th Beijing time, the number of confirmed cases of new coronary pneumonia in the world has exceeded 720,000, which has increased by more than 10%
for 7 consecutive days.
(2) Aurubis, Europe's largest copper smelter, said its operations in Italy had been shut down for a week and planned to restart production
this week.

Spot analysis: On March 30, spot 1# electrolytic copper was quoted at 38550-38700 yuan / ton, with an average price of 38625 yuan / ton, down 265 yuan / ton
per day.
At the end of the month, spot consumption was weak, the downstream maintained just demand to enter the market, and the high premium inhibited the downstream transaction, but there were still some traders who expected to replenish the price in April, and the holders showed a situation of holding goods and selling them, and the supply and demand sides temporarily showed a tug-of-war situation, waiting for the policy to land
.

Warehouse receipt inventory: the total amount of Shanghai copper warehouse receipts on Monday was 223924 tons, a daily decrease of 5805 tons, a continuous decline of 9 days; On March 27, LME copper stocks were 223725 tons, down 650 tons per day, and fell for seven consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2005 contracts are 74224 lots, minus 552 lots per day, short positions are 76410 lots, daily minus 2385 lots, net short positions are 2186 lots, daily minus 1833 lots, more increase and short, net space decrease
.

On March 30, Shanghai copper main force 2005 opened low and rebounded
.
The cumulative number of confirmed cases of new coronary pneumonia in the world has exceeded 720,000, and many countries continue to strengthen precautionary measures such as travel restrictions; The epidemic has caused the impact on the global supply chain, the shutdown of overseas enterprises has increased, the downstream demand outlook is pessimistic, and the pressure on copper prices in the medium and long term is still large
.
However, China's copper scrap imports have fallen sharply, and the impact on copper ore production will lead to a tightening of raw material supply; Moreover, China's epidemic prevention and control has achieved remarkable results, which is conducive to the restoration of economic vitality, and the inflection point of Shanghai copper inventories has increased, which has strengthened the support for copper prices
.
In terms of spot, spot consumption at the end of the month was weak, the downstream maintained just need to enter the market, and the high premium water inhibited the downstream transaction, but there were still some traders who expected to replenish the price in response to the policy expectation in April, and the holders showed a trend
of holding goods and selling reluctantly.
Technically, the main 2005 contract daily MACD green column contraction of Shanghai copper, there is pressure on the 10-day moving average, and it is expected that the short-term shock adjustment
.
Operationally, it is recommended that the Shanghai Copper 2005 contract can operate in the range of 38400-39000 yuan / ton, and the stop loss is 300 yuan / ton
each.