[brief Review of SMM Copper delivery] for the first time, the international crude oil price fell to the negative range, and the copper price was dragged down by the upward pressure.

SMM, 21 April:

Today, the Shanghai copper main contract short jump low at 41860 yuan / ton, the disk center of gravity briefly hovered in the 42020 yuan / ton position. Subsequently, the long and short sides jointly cracked down on copper prices, and the disk fell sharply to a daily low of 41410 yuan / ton. Copper prices rebounded from the low, but the rising momentum is limited, and then fell more than 200 yuan / ton around 41590 yuan / ton position horizontal volatility, closed at 41540 yuan / ton at noon. After a slight fall in copper prices at the start of the afternoon, the price of copper rose slightly to 41690 yuan / tonne, and fell again to close at 41440 yuan / tonne, down 960 yuan / tonne, or 2.26 per cent. Today, the main force of copper in Shanghai increased its position by 160 hands to 115000 hands, mainly by short positions, while trading volume increased by 41000 hands to 118000 hands. The Shanghai copper index increased its position by 4471 hands to 326000, mainly by short positions. Shanghai Copper 07, 08 contract day respectively increased positions by 4262 hands and 1206 hands, 06, 07 and 08 contract price spread narrowed. Within the day, the main contract of Shanghai copper jumped short and opened lower, mainly dragged down by the international price of crude oil. Today is the last trading day of the May WTI crude oil futures contract, contract holders sold sharply, but the oil storage space is limited, the market lack of oil storage capacity participants, the May contract prices plummeted, also had a negative impact on the June crude oil contract prices. Copper prices have been dragged down by investor sentiment. In addition, the National Bureau of Statistics announced that China's refined copper production in March, down 2.5 percentage points from the same period last year, indicating that China's copper smelting and production activities have indeed been affected by the epidemic. Concerns about tight copper supply have not eased, partly supporting copper prices. Shanghai copper closed down today, has given up the previous two trading days of gains, the top pressure 40-day moving average. At present, the 5-day, 10-day moving average and 40-day moving average show an adhesive trend, and the copper price is under pressure above the price. In the evening, we will further test whether copper prices can stand firm in the 10-day moving average.