SMM, April 1-
Last night, Lun copper closed at $4930 / ton, up 3.65%, trading volume 14000 hands, short positions reduced 2347 hands to 274000 hands. There was a big rise in the outer disk last night, mainly due to better-than-expected Chinese PMI data released early in the morning, indicating a faster recovery in domestic demand and a strong boost to market confidence, with copper prices rising to $4971 a tonne at one point in the evening. On the other hand, the US plans to continue its fiscal stimulus policy of 2 trillion infrastructure, which has also given a strong boost to copper prices. However, the current epidemic in the United States is in a period of rapid development, there are still strong concerns in the market, the three major stock indexes fell last night, copper prices are expected to usher in a big rise yesterday will face correction pressure. On the spot side, as a result of entering the new quarterly settlement cycle, it is expected that overall market activity will heat up, and the pick-up in disk prices will also lead to high shipments by shippers. Market quotations are expected to continue to pick up today as the trading environment improves. Today's copper is expected to be 4850-4910 US dollars / ton, Shanghai copper 39200-39700 yuan / ton. Spot water 120-140 yuan per ton.
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