The market inquiry atmosphere is light, and the copper rally is still affected by risk factors

Externally, the Asian market morning London copper gap opened low at 4995 US dollars / ton, due to last night the market on the world's major oil producers unanimously cut production doubts, and the release of API crude oil inventory data increased by 11.
9 million barrels, the previous day oil prices closed down nearly 7%, dragging copper prices down, copper prices bottomed out at 4964 US dollars / ton in the morning, and then low repair during the day, the current copper market has the support of mine supply shortage, so it quickly repaired above the $5000 mark in the morning, and the Asian market tested high at $5065 / ton
。 Entering the European market, as the market still has incremental expectations for crude oil inventories in the evening, continuing to drag down copper prices, and LME copper stocks increased by 43,000 tons, concentrated in Asian warehouses, copper prices are under pressure to weaken, falling back below the $5,000 mark, the overall inverted "V" trend
.
As of 17:00, the price of London copper was 4985 US dollars / ton, down 0.
78%.

In terms of the market, the Shanghai copper low opening and high move from 40,300 yuan / ton to 40,800 yuan / ton
.
The market opened to continue the previous day's quotation premium 130 ~ 150 yuan / ton, the willingness to raise the price remains unchanged, the source of low-price goods is difficult to find, the actual shipment of the market is still concentrated in flat water copper premium 130 yuan / ton, good copper premium 140 ~ 150 yuan / ton, almost no price difference space, traders are difficult to do
.
The downstream still maintains rigid demand, and wet copper maintains a premium of 90 ~ 100 yuan / ton quotation
.
Spot copper stocks are still declining, spot premiums are difficult to decline, futures copper is strong, sorted out above 40,000, the pattern of transaction stalemate is also difficult to break
.
In the afternoon, the market continued to rush to the 41,000 yuan / ton mark, the market inquiry atmosphere was lighter, there were few quotations, slightly loosened than in the morning, but there was almost no transaction, flat water copper quotation premium 120-130 yuan / ton, good copper premium 130-140 yuan / ton, the transaction price with the plate rose sharply to 40880-41100 yuan / ton
.

During the day, the main force of Shanghai copper opened lower and higher, mainly due to the global market's optimism about the easing of the new crown epidemic, many European and American countries plan to gradually lift restrictions to restart the economy, and investors' expectations for copper demand outlook have improved
.
Although the decline in oil prices at the end of the previous day intensified and affected the capital market, the good news about oil production cuts during the day effectively calmed investors' worries, and oil prices rebounded, contributing some momentum to the rise in copper prices
.
At the same time, recent news about copper mine production cuts or suspension of operations has been frequent, and increasingly tight copper supplies have provided support for copper prices
.
Shanghai copper closed positive during the day, the technical situation is favorable signs, standing firm on the 20-day moving average, it is expected that Shanghai copper is expected to continue to rise
.
However, the upside space is still affected by many risk factors, and whether the 41,000 yuan / ton mark can break through depends on whether the bulls have the confidence to win and pursue
.