The pressure above Shanghai copper still rebounds or is relatively weak

In the external market, the LME copper price fell sharply to $6532 at the beginning of the March week, then bottomed out and rebounded, and then maintained its upward trend in the following days, rushing up to $6740.
5 on Thursday, closing at $6740.
5 as of the press time, up $91.
5, or 1.
38%,
during the week.

In terms of the market, spot copper prices fell sharply at the beginning of this week, wait-and-see sentiment dominated market trading, and the demand for receiving goods was poor, but the holders held up prices, the discount gradually narrowed, and the market demand for receiving goods began to improve as copper prices gradually stabilized and
rebounded in the middle of the week.
Copper prices remained volatile on Friday morning, and holders continued to hold prices, and the downstream replenished stocks slightly before the weekend, and the overall trading of the market was acceptable
.

China's scrap copper imports have tightened, and downstream demand may gradually recover with the resumption of copper production, but the high difficulty of copper stocks at home and abroad and the rise in production may limit the upside of copper prices
.
Next week, the domestic market will be closed due to the Qingming Festival holiday, and the downstream market transaction may be further light before the small long holiday, and spot copper prices are expected to run
smoothly next week.

In terms of news, affected by China's response to US taxation at the beginning of this week, the market was worried that the trade war would drag down future economic demand, and the market was panicked
.
However, later news that China and the United States will start negotiations to avoid trade disputes, panic has dissipated, while industrial products were affected by warming demand, rebounded sharply during the week, and copper prices reversed the trend
of deep V during the week.
The current copper market lacks directional guidance, and it is expected to continue to maintain a wide range of volatility in the short term
.
From a technical point of view, on the week k, KDJ dead cross, MACD dead cross, the price closed long lower shadow back to the 60-week line, but the bullish trend has turned around; On the daily K, the Shanghai copper index MACD dead cross, KDJ gold cross, the price regained 50,000 yuan support, but the upper face a number of moving average counterpressure, the rebound or relatively weak
.