The news is mixed with bearish and short-term low volatility in the copper market

U.
S.
stocks were circuit breakers twice during the week, and global pessimism and risk aversion pervaded
.
Among them, Saudi Arabia launched a crude oil war, Saudi Arabia cut prices and increased production after the expiration of the OPEC production reduction agreement, the global crude oil market was wailing, U.
S.
stocks suffered the first blow, and copper prices were under pressure to decline
.
Then, due to the rapid development of the global epidemic, the number of confirmed cases in Italy exceeded 10,000, the United States confirmed medical records exceeded 1,000 and other impacts, the US stock market fell again on Thursday night, the global stock market has declined to varying degrees, and copper prices have tested a three-year low
.

The futures fell to a three-year low, East China spot copper fell 2,000 yuan, and the spot market transaction did not see a significant improvement
.
With the sharp decline of the market one after another, the market fear of falling continues to increase, discourage the enthusiasm of the downstream to enter the market, but partially replenish during the rebound, so the premium is only maintained around 30 yuan of good copper liter
.
The short-term consumption side is sluggish, and the market sentiment is pessimistic and restricts the range of
the discount.
In terms of import profit and loss, the window continued to close last week, and the gap widened slightly to around 350 yuan / ton, although the Fed's interest rate cut expectations continued to rise, but the dollar index rebounded, and the depreciation of the yuan hovered
at the 7 mark.

Last week, scrap copper plummeted by nearly 1,000 yuan, and the price range of Foshan bright copper was between
39900-40500 yuan / ton.
Due to the outbreak of the epidemic abroad, government officials from many countries were infected with the new crown, and Saudi Arabia triggered a crude oil war, causing market panic
.
As a result, copper prices plummeted, and the bright line in many places fell below 40,000
.
Due to the inventory of years ago and after the year, the loss is serious, the goods cannot be shipped, the market circulation is limited, and the downstream waste manufacturers are difficult to receive the goods, and now mostly use electrolytic copper as raw material
.
Recently, upstream and downstream enterprises are very concerned about the market trend, and the overall transaction of the waste market is light
.

At present, the main contradiction in the market is that the bearish sentiment under the epidemic and the turmoil market will have greater copper demand for infrastructure under good domestic epidemic control
.
After the market receives a strong statement or policy from the government or central bank, the mentality may be eased, and the short-term copper price will also be released
to a certain extent.