Shanghai copper trend is weak and lacks sustained upward momentum

In terms of external trading, during the Asian session, London copper fluctuated at a low level, and the latest quotation at 15:00 Beijing time was 5244 US dollars / ton, down 36.
5 US dollars, or 0.
69%.

In the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 43620 yuan / ton, down 550 yuan, discount 60-discount 0; Guangdong spot 1# copper price was reported at 43770 yuan / ton, down 510 yuan; Yangtze River spot 1# copper price 43710 yuan / ton, down 530 yuan, premium 40-liter 60; Shanghai spot 1# copper price was 43580 yuan / ton, down 550 yuan
.
Holders sold strongly, downstream willingness to receive goods is low, and some traders continue to be bearish on this
week's higher discount.
The epidemic hinders copper scrap imports, and the tense pattern of copper mines may continue until mid-to-late June, and the demand side is releasing positive signals, and short-term copper prices may be strong
.

The global economy is a foregone conclusion to shrink in 2020, with developed countries' manufacturing PMIs falling sharply in April, India's PMI data showing that their economies are near-stagnant, and the United States facing greater pressure from the wave of unemployment, and the global economic outlook is bleak
.
However, for now, the epidemic is still continuing, the negative impact on the global economy may be slowly emerging, the effect of counter-cyclical adjustment policies is not yet certain, and considering that epidemic prevention and control is still a priority for governments, overseas demand may continue to be weak, and it is expected that Shanghai copper prices still lack sustained upward momentum
.