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On Wednesday, the main contract of Shanghai copper opened at 41790 yuan / ton, and after the opening, it was more flat and short, suppressing copper prices to the lowest point of the day of 41330 yuan / ton, which was at the technical support level
of the 5-day moving average.
At this time, China's central bank announced the official implementation of the targeted RRR reduction policy for small and medium-sized banks within the day, and at the same time launched a medium-term lending facility (MLF) of 100 billion yuan to further release liquidity
.
Bears heard the news to reduce their positions, copper prices rebounded and volatility rose, closing at 41,700 yuan / ton
at midday.
In the afternoon, the bears continued to leave, pushing copper prices to the highest point of the day of 41820 yuan / ton, but the rally is difficult to continue, copper prices turned down, the center of gravity fell to 41580 yuan / ton, copper prices around this position fluctuated to the close, the main force of Shanghai copper closed at 41560 yuan / ton, down 230 yuan / ton, down 0.
55%.
In the external market, the Apanlon copper opened at 5175 US dollars / ton, and the morning Asian session fluctuated
around this position.
Oil prices continued their downward trend during the day as the IMF warned that the global recession caused by the new crown epidemic would be the largest since the Great Depression, triggering market concerns about commodity consumption, and oil prices continued their downward trend during the day, falling below $20 per barrel, down more than 2%, which was a downward drag
on intraday bulk industrial products.
After entering the European session, the US dollar index rose rapidly, and the center of gravity under pressure began to move downward, and the low recovered slightly after testing below 5077 US dollars / ton, but it was finally hindered around
5100 US dollars.
As of 17:45, London copper closed at $5,100/ton, down $88/ton, or 1.
71%.
In terms of the market, Shanghai copper fluctuated
in a wide range below 42,000 yuan / ton.
On the last trading day of the current month's contract, the spread performance volatility is still more frequent, and the intraday premium is subject to the change in the spread of the next month, but the attitude of the holder to maintain the premium remains unchanged, the trader actively intends to receive the goods when asking for the price, the market is actively trading at low prices, and the short-term spot will still maintain a high premium level
。 In the afternoon, Shanghai copper first rose and then declined, the 2005 contract once rushed back to above 41800 yuan / ton, and then it was difficult to escape the state of rushing back down, but the spot quotation became more and more firm, flat water copper premium 150-160 yuan / ton, good copper premium 160-170 yuan / ton, the transaction price was 41800-42000 yuan / ton, holders did not adjust prices, traders waited and watched
.
The main rally of Shanghai copper during the day was blocked, mainly due to investors' worries about economic damage.
The IMF's new World Economic Outlook report predicts that global GDP growth will shrink by 3% in 2020, and developed and emerging economies will enter recession at the same time, and the overall market risk appetite has weakened
compared with the previous two days.
Moreover, the joint production reduction plan of global oil producers pales in comparison with the degree of destruction of crude oil demand caused by the epidemic, and international oil prices have fallen all the way, which is difficult to help copper prices rise
.
