Shanghai copper opens low and goes high, and the overall transaction of the market is light

In terms of the market, the domestic spot copper price did not rise or fall much, the Yangtze River nonferrous metal network 1# copper price was reported at 44720 yuan / ton, down 90 yuan, discount 130-discount 70; Guangdong spot 1# copper price reported 44680 yuan / ton, down 30 yuan; Yangtze River spot 1# copper price 44770 yuan / ton, down 60 yuan, discount 60-discount 40; Shanghai spot 1# copper price was 44780 yuan / ton, up 100 yuan
.

In the spot market, the lack of buying atmosphere is weakening, and transactions are mainly among
traders.
Affected by the epidemic, the short-term oversupply situation will not change, the downstream resumption of work will accelerate, and the space below copper prices is limited
.

In the scrap market, copper prices rose first and then declined last week, and the weekly increase converged into range-bound
.
The main force of Shanghai copper mainly runs around 45800-46500 yuan / ton, and the mainstream price of bright copper in the market is 42200-42500 yuan / ton
.
The price difference of refined waste is about 1250 yuan, and downstream enterprises in the market have resumed work one after another as required, and the supply of scrap copper in circulation in the market is in short supply
.

Last week, copper prices first rose and then declined, entering range-bound
volatility.
Because the scrap market has not fully started, the quotation of scrap copper is uneven
.
It is understood that the waste distribution centers in Foshan, Tianjin Jinghai Waste Park, Suzhou Kunshan Waste Market and other waste distribution centers have not yet started, coupled with many factors such as employee rework and logistics, there is very little
scrap copper in circulation on the market.
Scrap copper enterprises have started work, and the current shortage of scrap supplies is increasing the price of purchase, and some manufacturers with small inventories have begun to use electrolytic copper production
.
The overall trading volume of the market is light
.

Shanghai copper bottomed out and rebounded, returning above the support line during the day, and the main 2004 contract closed at 45230
at the end of the day.
The dovish speech of Federal Reserve Chairman Powell on Friday touched the market, and institutions widely expected the Fed to cut interest rates, and the dollar index fell in response to release copper price pressure
.
On the other hand, the short-term copper price decline caused by the weekend risk aversion was also released after the opening on Monday, the global epidemic is still spreading, there is still pressure on the subsequent copper price, it is expected that the recent Shanghai copper bottom shock is dominant, further sharp rebound probability declined, the main support level around 45,000, the operation is mainly wait-and-see, downstream bargaining can consider appropriate stocking
.