The epidemic continues to spread, and there is still room for Shanghai copper to explore downward

In terms of external trading, the Asian market opened at 5156 US dollars / ton in the morning, touching a high of 5191 US dollars / ton at the open, the center of gravity of copper prices in the morning basically maintained around 5180 US dollars / ton, until the afternoon, due to the interference of market liquidity, coupled with the recent global epidemic worries stimulated many countries to release liquidity policies caused market panic on the economy, copper prices plummeted by more than $200, London copper 5000 US dollars mark lost, and then entered the European market, copper prices continued to fluctuate downward, bottoming out at $4863 / tons
.
Coupled with the LME inventory after the previous day of a surge of more than 40,000 tons, the day increased by another 12,825 tons, still the Asian region leading the increase, as of 17:30, London copper price of 4900 US dollars / ton, down 245 US dollars / ton, down 4.
76%.

In terms of the market, Shanghai copper continued to jump and fall under the shadow of bears, copper prices hit three and a half consecutive three-and-a-half years of new lows to 41,500 yuan / ton in the first line, the morning carrier quotation discount 110 ~ discount 100 yuan / ton, some flat water copper as low as 120 yuan / ton, attracting active buying, the transaction is acceptable
.
Although the decline in copper prices has not stopped, the downstream entry into the market low price is gradually replenished, the market transaction situation has improved significantly compared with the previous day, and the short-term plunge copper price has brought a certain narrowness
to the discount.
In the afternoon, Shanghai copper opened with full selling pressure, copper prices were sealed in a short period of time, the contract of the month was sealed at 39810 yuan / ton, the market was stunned, almost no one quoted, even if someone occasionally showed his face to report a morning price range flat water copper discount 100 yuan / ton, good copper discount 90 yuan / ton, is also priceless market
.

The overall capital outflow of the nonferrous sector reached 524 million during the day, of which the outflow of the Shanghai Copper Index reached 525 million, accounting for the first
capital outflow of all nonferrous varieties.
Following a series of sudden interest rate cuts and the restart of QE in the United States, Trump once again announced a spending plan involving up to $1.
2 trillion, including paying at least $1,000 directly to every American in two weeks, while the Federal Reserve will restart the tools used during the financial crisis to help American companies raise money
in the commercial paper market.
A series of actions to save the economy in the United States, the market did not buy it, but caused a series of panic in the capital market, all contracts of Shanghai copper fell to the limit, and the bottom was difficult to appear
.

At present, the epidemic situation in Europe and the United States is still at its peak, and there is a trend of continuous spread to many countries, and the consequences of the UK's "herd immunity" strategy are still difficult to estimate, and the global epidemic is not improving in the short term
.
At present, the global economic environment has deteriorated under the current epidemic environment, the market has maintained a pessimistic attitude towards bulk demand, and there is still room
for copper prices to decline in the context of the continuous spread of the epidemic.