SMM, April 1-

Today, the Shanghai copper main contract 2005 opened at 39540 yuan / ton in the morning, and then rose slightly to the highest point of 39570 yuan / ton, then the center of gravity fell slightly and fluctuated narrowly around 39400 yuan / ton. in the afternoon, the opening copper price was affected by the decline in crude oil, and quickly fell below the 39000 yuan / ton mark in the morning, and fell to the lowest point of 38860 yuan / ton. the tail rebounded slightly and the center of gravity stood at the 39000 yuan / ton level. Shanghai copper main daily position reduction of 205 hands, to 111000 hands, mainly for the long reduction; trading volume increased by 2794 hands, to 78000 hands. At present, the overall position of the Shanghai copper contract has moved backward. The daily position of the Shanghai copper 2006 contract has increased by 5087 hands to 99000 hands, mainly by short positions, and the trading volume has increased by 16000 hands to 61000 hands. The Shanghai copper index increased its daily position by 3228 hands to 341000 hands, mainly by short positions, and trading volume increased by 34000 hands to 196000 hands. During the day, Shanghai copper continued to decline as a whole, especially in the afternoon. The main reason was that API crude oil stocks rose sharply to 10.5 million barrels early this morning, saying that crude oil may face a huge demand crisis. Oil fields in many places have stopped production one after another. At the same time, there is still no sign of easing in the price war between Saudi Arabia and Russia. As a result, oil prices continue to fall, and copper prices continue to decline under the influence of linkage. At the same time, the global epidemic in Asia is currently in good control, but the continued surge in the epidemic in the United States has aroused market concern, and nearly 190000 of the confirmed cases have been confirmed, triggering market concern about the US economy, and it is difficult to boost copper prices macroscopically. At present, Shanghai copper is still under pressure at the top, and the MACD red column is still short, indicating that the kinetic energy of the bulls is still insufficient. Before the epidemic situation in Europe and the United States has not improved significantly, it is expected that Shanghai copper will not be able to break through the 40000 yuan / ton mark in the short term.