Weak spot consumption at the end of the month Copper trend was weak

Externally, the Asian morning London copper opened lower at $4,766 / ton, as the US stock market fell again on Friday night, the Dow closed down 900 points, indicating that the market is concerned about the impact of the epidemic on the effectiveness of
stimulus policies.
In addition, in terms of crude oil, Russia said that demand or decline by 15-20 million barrels, the price war showed no signs of easing, crude oil continued to fall, even the metal market, copper prices in the morning trend was weak, in the afternoon short-term down to 4739.
5 US dollars / ton
.
In the afternoon, copper prices began to show upward revision, but the upper part was obviously hindered at the $4800 integer mark, and the Asian market peaked at $4803.
5 / ton
.
Entering the European market, the price center of gravity fell back to around
$4760 / ton.
As of 17:00, the price of London copper was 4778 US dollars / ton, down 37 US dollars / ton, or 0.
77%.

In terms of the market, Shanghai copper under pressure fell to around 38,600 yuan / ton, the Politburo held a meeting to promote the better resumption of work and production of enterprises, will adopt further loose monetary policy and active fiscal policy, the market is full of expectations for the implementation of the future market policy, the morning market holders reported in the premium 100 ~ premium 130 yuan / ton range, the willingness to raise the price is obvious, but the spot premium is too fast, the market acceptance is limited, the buying performance is cautious, and then the premium began to be lowered, flat water copper was lowered to the premium 80 ~ 90 yuan / In the ton range, good copper is around
100 yuan / ton of premium.

At the end of the month, spot consumption was weak, the downstream maintained just demand to enter the market, and the high premium inhibited the downstream transaction, but there were still some traders who expected to replenish the price in April, and the holders showed a situation of holding goods and selling them, and the supply and demand sides temporarily showed a tug-of-war situation, waiting for the policy to land
.
In the afternoon, the plate pulled about 200 yuan / ton, the spot premium quotation was firmer, flat water copper premium 90-110 yuan / ton, good copper premium 100-120 yuan / ton, the transaction price correspondingly raised to 38840-39000 yuan / ton
.

Shanghai copper gap opened low during the day, mainly because U.
S.
crude oil fell below 20 yuan, hitting a new low in nearly 20 years, mainly because the epidemic intensified global worries about the slowdown in crude oil demand, coupled with the continuous disturbance of Saudi Arabia and Russia's crude oil price war, pushing oil prices sharply lower, but the market still believes that oil prices still have room to fall, copper prices basically hovered around 39,000 yuan / ton last week, but the opening was affected by the oil market linkage gap low open, both running below 39,000 yuan / ton during the day, At present, in addition to the impact of the epidemic in Europe and the United States is still fully spreading, the world is mainly worried about economic recession, it is expected that in the short term, copper prices will be difficult to break the 40,000 yuan / ton mark, technical bulls are still under pressure, pay attention to the euro area data
.