The main copper force gap opened low, and the overall performance of the market was cautious

Externally, Apanlon copper opened at 5155 US dollars / ton, after the opening price rose to 5182 US dollars / ton in the short term, dragged down by the collapse of crude oil overnight, copper prices fell below the daily moving average, the center of gravity quickly moved down to around 5110 US dollars / ton, and maintained a narrow range of 5100-5110 US dollars shock consolidation
.
After entering the European session, the U.
S.
crude oil main June contract continued to fall, piercing the $20 mark downward, testing down at $11.
79 / barrel, and the rise in risk appetite caused copper prices to fall again, finally breaking the $5,100 mark, and the low level fell to $5,041.
5 / ton
.
As of 17:00, London copper closed at $5055.
5/ton, down $120/ton, or 2.
14%.

Overnight crude oil prices suffered a heavy setback, the U.
S.
crude oil contract for the first time negative value, triggering the market's pessimistic expectations for demand, the overall trend of commodities is still weak, copper prices plummeted back to 42,000 yuan / ton below as low as 41,700 yuan / ton
.
The fall in copper prices attracted some downstream buyers, the market continued yesterday's quotation premium 130 ~ 150 yuan / ton, the market inquiry enthusiasm is high, the low-price source of goods transaction is positive, flat water copper premium 140 yuan / ton below the price can be pressed 5-10 yuan / ton there is a transaction, good copper quotation in the premium 150 ~ liter 160 yuan / ton, the transaction is inferior to flat water copper
.
Wet copper is stable at 100 ~ 110 yuan / ton
of premium.
With the decline in the market, holders continued to be willing to hold prices, premium quotations were temporarily stable and there was little room for further decline, traders stopped due to lack of profit margins, and the market was generally cautious
in the context of a dangerous and uncertain external environment.

The main contract of Shanghai copper opened low and downward during the day, mainly dragged
down by international crude oil prices.
During the day, the last trading day of the May WTI crude oil futures contract, contract holders sold off sharply, but the limited storage space and the lack of participants with storage capacity in the market caused the May contract price to plummet, which also negatively
affected the June crude oil contract price.
Investor sentiment was dampened, dragging down copper prices
.
In addition, the National Bureau of Statistics announced China's refined copper production in March, down 2.
5 percentage points from the same period last year, indicating that China's copper smelting and production activities were indeed affected
by the epidemic.
Concerns about tight copper supply have not eased, which has provided some support
to copper prices.
Shanghai copper closed lower during the day, having given up gains in the previous two trading days, and the 40-day moving average was under pressure above
.