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The following week, London copper closed lower and the intensification of the US-China trade conflict weighed on the performance of metals
.
London copper fell slightly on Friday as the dollar rose, but copper held steady for the second week in a row, supported by expectations of a seasonal rise in demand in the second quarter
.
The Shanghai Futures Exchange was closed for the Qingming Festival holiday and resumed trading
on Monday.
Last Wednesday, the main 1805 contract of Shanghai copper fell slightly, closing at 50280 yuan / ton, down 90 yuan / ton
.
With the continuous fermentation of the trade war, the panic in the market continues to intensify, the dollar fell sharply on Friday, the US crude oil fell sharply, and the rise in copper prices was contained, but it still showed a certain degree of resistance to decline, and the impact on Shanghai copper was not clear
.
It is expected that the main force of Shanghai copper today is 50000~50600 yuan / ton
.
In terms of news, the Sino-US trade dispute has further escalated
.
China warned that if the United States persists in its protectionist behavior, it will take new comprehensive measures "at any cost" and resolutely defend the interests of
the country and people.
Earlier, US President Donald Trump threatened to consider imposing tariffs
on another $100 billion of Chinese goods.
As U.
S.
-China trade tensions rose, senior U.
S.
officials said late Thursday that the United States was willing to consult with China on trade issues, but only if it was serious because previous efforts had made little progress
.
In terms of inventories, data released by the London Metal Exchange showed that on April 6, London copper stocks fell by 2,100 metric tons to 370,750 metric tons, which has fallen for five consecutive trading days, with a cumulative decline of 4.
49%, and the decline in inventories has supported
copper prices.
In terms of the market, the second quarter of the domestic copper market is the peak demand season, and the consumption of copper enterprises such as air conditioners and refrigerators may increase; And the policy of restricting the import of "seven types of scrap" will limit the supply of scrap copper this year, and the oversupply situation in the copper market is expected to be eased
.
Supply constraints and demand recovery support copper prices, short-term spot copper has limited room to explore, and spot copper is expected to fall
slightly today.
In other news, international mining companies have insisted that the Democratic Republic of Congo amend some of its new mining regulations to comply with exemptions approved by previous governments
.
Overall, China's holiday data is mixed, real estate data weakened, excavator data continues to go good, trade war escalation will affect the long-term consumption of copper, consumption season is coming, domestic inventories are expected to begin to decrease, short-term prices into volatility may be large, the current market is concerned about the impact of the trade war, the arrival of the consumption season inventory trend, no general trend main line, it is recommended to wait and see after the short position, looking for the opportunity
to rebound and sell.
