[brief Review of SMM Copper] Macro-economic prospects under the impact of the epidemic; worries about the main force of copper in Shanghai are still difficult to break through the 42000 barrier.

SMM, 24 April:

Today, the main contract of Shanghai copper opened as high as 41910 yuan / ton, which was suppressed to 41760 yuan / ton at the beginning of the session, followed by a short departure to drive the copper price to a low level of 41980 yuan / ton, the highest point in the day. However, the bulls were afraid of heights, the price of copper was weak, and the price of copper fell to 41720 yuan per ton. Copper prices then rose again, closing at 41880 yuan a tonne at midday. At the start of trading in the afternoon, copper prices fluctuated to a daily low of 41620 yuan / ton. Near the closing level, copper prices rose rapidly, closing at 41780 yuan / ton, up 70 yuan per ton, or 0.17%. Today, the daily position of the main force of Shanghai Copper decreased by 1969 hands to 113000 hands, mainly for the reduction of long positions, while trading volume decreased by 42000 hands to 77000 hands. Shanghai Copper 2005 contract day reduction of 5601 hands, to 63000 hands, mainly for the long reduction. Today, the main force of copper in Shanghai is a horizontal shock, difficult to break the 42000 yuan / ton mark, mainly because the market is pessimistic about the outlook for global demand. Yesterday's April PMI figures for major European countries and the eurozone fell sharply short of expectations, with services contracting more sharply than manufacturing. Coupled with the frustrated news of the progress of the new crown pneumonia drug trial, investors expect the economic trauma of the epidemic to continue and worsen. Minmetals's Las Bambas copper mine in Peru will resume shipments of copper concentrate to ports as soon as next week, easing concerns about tight copper supplies, Minmetals (MMG) said on Friday. Shanghai copper is now up slightly from yesterday. The red column of MACD continued to contract, and the bottom was close to the 5th, 10th and 40th moving averages. The daytime shock of 42000 yuan / ton failed, and the bulls' fear of heights still exists.