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Overnight by the black optimism boosted, non-ferrous metals have rebounded sharply, copper prices rose in the evening after the pressure to fall, this morning the State Council through the US trade list to impose tariffs, the market may be pressured, the current rebound should be treated with caution, copper prices have no direction guidance, affected by market sentiment is still repeated
.
During the Good Friday holiday, the London Stock Exchange has been closed since last Friday, and trading resumed on Tuesday.
This morning, the main 1805 contract of Shanghai copper opened at 50340 yuan / ton, up 340 yuan, or 0.
68%, from the settlement price of the previous trading day; As of 10:15 Beijing time, the latest quotation was 50,120 yuan / ton, up 120 yuan, the increase narrowed to 0.
24%.
Copper prices are under pressure as the impact of the trade war continues
.
On the macro front, China's manufacturing PMI rose 1.
2 percentage points month-on-month to 51.
5% in March, better than previously expected and a first-quarter high
.
Among the various indicators of the manufacturing industry, the production index and the new orders index rebounded significantly, indicating that supply and demand picked up after the Spring Festival and enterprises resumed production
.
The expansion of production demand indicates that supply and demand will become more active, and the demand outlook for the metal market has improved
.
In terms of news, the main factor affecting the market is still the trade war
.
Because the US 232 measure violated the relevant rules of the WTO, it was implemented on March 23, causing serious damage
to China's interests.
In order to safeguard China's interests, from April 2, the final value tariff concession obligations of 128 imported commodities in seven categories originating in the United States will be added, and tariffs will be added to the current applicable tariff rates, and 120 imported commodities such as fruits and products will be subject to a tariff rate of 15%, and 8 imported commodities such as pork and products will be subject to a tariff rate of 25%.
In the short term, or due to China's manufacturing data, market sentiment has improved slightly, and copper prices are expected to recover in shock.
