The bulls' momentum is still insufficient and copper retreats slightly

In terms of external trading, Asian morning London copper opened at 4898 US dollars / ton, the current overseas epidemic is in a period of rapid development, the market still has strong worries, last night the three major stock indexes of the US stock market fell, coupled with the official start of the current crude oil price war, the morning copper price short-term high of 4912.
5 US dollars / ton soon fell below the 4900 US dollar mark, noon in the 4870 US dollars / ton line after the first line of consolidation again downward, into the European market once fell below the 4800 US dollar mark
.
As of 17:30, the price of London copper was $4,804/ton, down $120/ton, or 2.
5%.

In terms of the market, the center of gravity of Shanghai copper moved up to 39,500 yuan / ton
.
Entering the first day of April, morning market holders continued to rise to the premium shipment, good copper premium 150 yuan / ton is almost difficult to stay, that is, falling at the premium 130 ~ premium 140 yuan / ton, the market favors the source of flat water copper, can still hold on to the premium around 120 yuan / ton, downstream cargo volume decreased, wet copper maintained the previous day's quotation at premium 70 ~ premium 90 yuan / ton
。 The absolute value of copper prices in the early stage is low, and downstream replenishment is still positive, and the current rise in copper prices coupled with high rise in underwater buying is hesitant; Under the continuous high rise, the pace of traders' buying volume has also declined, there is some initiative and space to reduce prices, traders and downstream performance are cautious and wait-and-see, and the market is beginning to show risk aversion and waiting sentiment
.
In the afternoon, the market fell, and fell below the 39,000 yuan / ton mark, spot quotations continued to hold steady, supply and demand sides continued the tug of war in the morning, flat water copper premium 120-130 yuan / ton, good copper premium 130-140 yuan / ton, the transaction price fell with the plate back to 39120-39240 yuan / ton
.

Shanghai copper overall continued to decline during the day, especially in the afternoon, the trend was more obvious, mainly due to the announcement in the early morning of the day API crude oil inventory increased to 10.
5 million barrels, indicating that crude oil may face a huge demand crisis, many oil fields have stopped production, while the price war between Saudi Arabia and Russia still shows no signs of easing, OPEC+ members have large internal differences, resulting in oil prices continue to fall, copper prices affected by linkage to continue to decline; At the same time, in terms of the global epidemic, Asia currently looks at the control of the situation well, but the continuous surge of the epidemic in the United States has caused market concern, and the number of confirmed cases has reached nearly 190,000, which has triggered the market's worries about the US economy, and it is difficult for the macro to boost copper prices
.
At present, Shanghai copper closed negative, the upper still under pressure of many moving averages, MACD red column is still short, indicating that the bulls' momentum is still insufficient, before the epidemic in Europe and the United States has not improved significantly, it is expected that Shanghai copper will be difficult to fill the gap in the short term
.