Shanghai copper opens high and goes high, and the market performance is stalemated on the sidelines

In terms of external trading, during the Asian session, London copper trend is strong, the latest quotation at 15:00 Beijing time is 5288 US dollars / ton, up 42 US dollars, or 0.
80%.

On the macro front, US real GDP in the first quarter fell 4.
8% quarter-on-quarter, compared with market expectations falling 4% and increasing 2.
1%
in the previous month.
The core personal consumption expenditure price index was 1.
8% annualized quarter-on-quarter and 1.
7% expected, and 1.
3%
previously.
Eurozone economic sentiment index for April 67, previous reading 94.
2, expected 74.
7
.
In the early hours of the morning, the Federal Reserve announced that the 0 interest rate was unchanged
.
Commit to using all tools to support the U.
S.
economy and maintain near-zero interest rates until full employment and inflation is at mark
.
Overnight, the US and European economic data fell short of expectations, but the Fed insisted on strong stimulus and the market continued to be optimistic
.

In terms of the market, the price of domestic spot copper rose, and the copper price of Yangtze River nonferrous metal network 1# was reported at 43020 yuan / ton, up 200 yuan, and the premium was 70-130; Guangdong spot 1# copper price reported 43130 yuan / ton, up 200 yuan; Yangtze River spot 1# copper price 43070 yuan / ton, up 180 yuan, premium 140-liter 160; Shanghai spot 1# copper price was 43020 yuan / ton, up 200 yuan
.

In the spot market, traders continue to seek shipments, and downstream buying is low before the holiday, and the market performance is
deadlocked.
The confirmation of the timing of the two sessions boosted confidence, the local government opened non-ferrous metal commercial storage and storage, and the rapid destocking of inventories, which basically faced strong support from copper prices
.

Domestic spot support, the recent trend of Shanghai copper is stronger than London copper, but the market is more cautious near the holiday, and the probability is around 43,000
.
As the global epidemic is still expanding, economic recovery still takes time, and medium-term market uncertainty is still large, and it is inevitable that there will be sharp ups and downs
in the future.
Shanghai copper upper pressure 60-day moving average 43000, lower support 40000
.