The main shock of copper is mainly market sentiment tends to improve

Fundamental news, in the last trading day, the average price of Shanghai nonferrous metal network 1# electrolytic copper was 45360, up 20, spot discount 70, discount expanded 65
.
LME copper stocks decreased by 1,750 tonnes in the previous session, while futures inventories in the previous session increased by 1,375 tonnes, a decline
in growth.

On the macro front, Fed Chairman Jerome Powell reiterated his confidence in the US economy and hinted that the interest rate policy remained unchanged for the time being, and the active repurchase operation would be gradually canceled, and the US stock market rushed back down, and the dollar closed lower
.
Both the central banks of the United Kingdom and the United States said that it was too early to judge the impact of the new crown epidemic on the economy, and only temporary disruption
.
Recently, the Ministry of Finance issued a new local government debt limit of 848 billion yuan in 2020 in advance, including a general debt limit of 558 billion yuan and a special debt limit of 290 billion yuan, plus 1 trillion yuan of special debt issued in advance, a total of 1,848 billion yuan
of new local government debt limit in 2020.

Overall, the risk appetite of overseas markets is acceptable, and the understanding of the domestic market on the post-holiday non-ferrous over-fall rebound is gradually clear, considering the uncertainty of the epidemic after China's resumption of work, the overall volatility of domestic copper and aluminum futures, the limited downward space highlights strong resilience
.

With the gradual recovery of downstream construction and China's active policy stimulus, market sentiment tends to improve, making copper prices below the support obvious, today's Shanghai copper or strong volatility, the main contract Cu2003 reference range: 45500-46200, more short operation mainly
.