Shanghai copper weak shock The long-term trend is not optimistic

In the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 41800 yuan / ton, down 210 yuan, premium 90-150; Guangdong spot 1# copper price was 41790 yuan / ton, down 220 yuan; Yangtze River spot 1# copper price 41850 yuan / ton, down 190 yuan, premium 170-liter 190; Shanghai spot 1# copper price was 41835 yuan / ton, down 135 yuan
.

Industry News:

1.
This year, Xinjiang plans to invest 7.
563 billion yuan to upgrade the rural power grid in the north and south of the Tianshan Mountains, of which 3.
2 billion yuan will be invested in the central budget, an increase of 23% over 2019, and the financial support will reach a record high
.

Last week, Kamoto Copper Co (KCC), a subsidiary owned 75 percent of Katanga Mining, repatriated 350 Indian workers
.
Katanga said recently that the commissioning of its KCC acid leaching plant will be delayed due to the coronavirus epidemic that has made it impossible to bring commissioning experts to the site, and the plant is expected to be put into operation
in the second half of 2020.

3.
General Administration of Customs: China's imports of copper ore and its concentrate were 1.
78 million tons in March, and 3.
77 million tons
in January-February.
China's March imports of copper ore and its concentrate were the lowest since
September 2019.
China's imports of unwrought copper and copper products in March were 441,926 tons, compared with 846,107 tons
in January-February.

The epidemic in Europe and the United States has reached an inflection point, market sentiment has been repaired, copper seasonal destocking has begun, domestic demand has been repaired as scheduled, and overseas ore supply disturbances are still expanding, macro sentiment repair superimposed on marginal improvement in fundamentals, driving copper prices to rebound
upward.
In the long run, the peak of the epidemic panic may have passed, but the worst moment of fundamentals has not yet come, the long-term trend of copper is not optimistic, suppressing the short-term rebound height, after the release of sentiment, the price may return to a wide range of
shocks.