Shanghai copper remained strong and volatile, and the overall demand in the market was flat

On the macro front, the US dollar index continued to soar to hit a 20-year high, the bearish intensified, coupled with the continuous depreciation of the RMB, the lack of market confidence, put pressure on copper prices, but the market atmosphere has improved, the domestic stable growth is expected and the central bank lowered the foreign exchange deposit reserve ratio, boosting market confidence, and domestic spot is tight, inventories are at a low level to support copper prices, copper prices remain strong
。 After May, the impact of the epidemic will slowly weaken, the resumption of work and production will be carried out in an orderly manner, and the rebound of economic activities is expected to be strong, but under the reality of weak demand and strong reality, the difficulty of clearing zero is still arduous, and it will continue to repeatedly disrupt the development of the economy, and it is difficult to recover in the short term, which is a protracted battle and the pressure on economic growth is significant
.

In terms of the market, the spot market transaction is still weak, it is difficult to see a large number of buying interest, the downstream stocking before the holiday is basically completed, the overall market demand is flat, and the spot premium continues to be firm, still maintaining a high level in the range of 300 yuan to 500 yuan
.
At the end of the month and due to festive factors, the market trading activity was average, and the transaction weakened
.

In terms of inventory, in the last week of April, Shanghai copper stocks continued to decline, falling by 21,492 tons to 48,363 tons, a decrease of 30.
77%.

Copper stocks continued to increase during the week, with a cumulative increase of 18,775 tons to 156,050 tons, a cumulative increase of 13.
68%.

Overall, the US dollar index continues to hit a new high, global economic growth is weak, and LME inventories continue to increase, copper prices continue to come under pressure downward, coupled with domestic consumption due to the epidemic is still far from recovering to peak season levels, supply-side pressure is becoming more obvious, but the market atmosphere is warming, domestic stable growth is expected to be strong, the market hopes that the domestic introduction of more favorable economic stimulus policies, strengthen metal-intensive infrastructure construction, to hedge the weak economic situation, short-term copper prices remain strong volatility
.