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[SMM Copper Morning News] supply-side interference superimposed macroscopically good copper prices have rebounding momentum
Apr 7,2020 09:40CST
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SMM, 4 April:

London copper closed 1.29 per cent higher at $4904.5 a tonne last night, with 17000 hands in volume and 2004 to 267000 short positions. Shanghai copper was closed for one day yesterday because of the Ching Ming Festival holiday. Copper prices were stable and volatile last night, running near the $4900 / tonne platform. The Japanese government on Monday prepared to launch a $990 billion stimulus package in response to recession stimulus measures caused by the epidemic, as fears of a bigger-than-expected fall in non-farm data in the United States on Friday eased market concerns and copper prices rebounded slightly yesterday. At present, the South American epidemic has a greater impact on the supply side, Chile and Peru copper mines and copper shipments are more difficult, and last week Mexico declared a state of emergency, there is a strong support below the copper price. And in the macro aspect of the continuous release of good and other risk assets led by the general rise, there is room for recovery above the copper price. It is estimated that today's copper 4970-5030 U. S. dollars / ton, Shanghai Copper 40300-40900 yuan / ton. In the spot aspect, due to the current copper futures fluctuations, holders maintain a high price, but the pace of rising water and pushing again is slow, traders are difficult to receive goods to depress prices, the characteristics of saws on both sides of the supply and demand sides are obvious, and it is expected that spot quotations are still deadlocked today. Spot water 130-liter 150 yuan / ton.

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