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Last week, the domestic Shanghai copper main contract daily level plummeted in the early stage, and fell below the lower edge of the wide range of shock decline channel after accelerating the decline, short period is not suitable for participating in the over-fall rebound, the market will continue to fall after a slight repair The market relies on 39000 light positions into the short, pay attention to the 36700 line of technical support
below.
In terms of external trading, London copper fell sharply continuously, falling by 13.
06% in a single week, becoming the largest weekly decline in the past 9 years, and the price hit a new low
since 2016.
London copper fell successively from the high of 5430 US dollars / ton at the beginning of the week, fell 8% in a single day on Wednesday, and continued to fall more than 500 US dollars / ton after breaking the 5000 US dollar integer mark, falling to the lowest level of 4371 US dollars / ton last week, hitting a new low in nearly 3 years, and the weekend bears took profit and left the market to slow down, and the low rose back to around
4900 US dollars / ton.
During the week, the overall control of the epidemic at home and abroad was not as good as that at home, and the UK's "herd immunity" strategy frightened the market, the number of infections in the United States surged, the Federal Reserve suddenly cut interest rates sharply and restarted QE, and then Trump announced again a spending involving up to $1.
2 trillion and restarted the tools used during the financial crisis to help US companies raise funds in the commercial paper market, but a series of rescue behaviors have not yet achieved results, but have exacerbated the panic and anxiety of the market, and bears dominate the entire
。
In terms of the market, Shanghai electrolytic copper spot traded a premium of 50-flat water for the
month's contract.
LME copper stocks were 227875 tonnes on March 20, down 3,150 tonnes
from the previous session.
Shanghai Futures Exchange copper warehouse receipts 245519 tons, a decrease of 424 tons
.
The epidemic situation in Europe and the United States has become more and more serious, and the stock market crude oil has fallen
across the board.
The domestic foreign trade industry has also suffered another impact, and the moving average system is still in a short arrangement
.
And copper inventories climbed to a four-year high, the pattern of oversupply in the first quarter is difficult to reverse, Shanghai copper is in a weak position, maintain the trend of short-term operation
.
