The inflection point of the global epidemic has not yet curbed copper prices

In the external market, the deterioration of the overseas epidemic is still continuing, the market is worried about the effectiveness of the stimulus policy, risk aversion is still strong, the next week after the London copper shock stabilized, the latest closing quotation of 4815 US dollars / ton, up 1 US dollars, or 0.
02%.

Last week, after the release of the Fed's unlimited QE rescue plan, market sentiment improved significantly, the VIX index fell sharply, gold rose almost to recover all the losses caused by the liquidity shock, the dollar index fell continuously and quickly fell below 100, and the financial market liquidity shock ended
for the time being.
However, the overseas epidemic is still in the outbreak stage, more and more countries have entered the isolation state, and the domestic has also begun to "close the country", the impact of the epidemic on the real economy is accelerating, and the follow-up physical consumption has become a foregone conclusion, in this context, not optimistic about the rebound range
.

As far as copper supply and demand are concerned, as South American countries enter a state of emergency affecting copper concentrate production and shipments, the market is worried about the decline in supply TC, thanks to the downstream resumption of work at home and abroad inventories have declined this week, but considering the downward pressure on the real economy, especially the contraction of overseas demand, it is expected to enter the accumulation stage
again.

At this stage, copper price fluctuations are completely based on its financial attributes pricing, last week due to the improvement of the liquidity crisis market rebounded, but the impact of the epidemic on the real economy has just been reflected, the sharp decline in demand will dominate market sentiment, in this context, not optimistic about the rebound
brought by policy-driven sentiment.

Many countries have intensively introduced economic support measures, and loose monetary policy and active fiscal policy around the world have supported
copper prices.
However, at present, the inflection point of the global epidemic has not yet appeared, the trend of oil prices has not been determined, the US debt crisis has not been completely resolved, and there are many negative disturbances in the trend of copper prices, which have suppressed
copper prices.