[agency Review] Copper prices rebounded from the bottom and showed a short-term bottom.

SMM News: on Thursday, the price of copper in Shanghai continued to fall, and the price hit a multi-day low again, approaching the 50, 000-round mark, and finally closed at 50640 yuan / ton; the trend of copper in the night market bottomed out and rebounded, and after the low opening of copper in Shanghai, it also fell first and then rose.

On Thursday, the spot price of electrolytic copper in Shanghai was quoted as flat water-50 yuan / ton for that month's contract, and the average price rose 25 yuan / ton, up 5 yuan / ton compared with yesterday. Some large-scale downstream processing enterprises took the initiative to inquire and replenish the goods at a low level. More so, the holder sticks to the price, and the trading atmosphere is slightly improved.

Macro aspect: European stocks hit a new low in March, US stocks rose sharply, gold and silver V-shaped rebound ended three consecutive losses; the number of unemployed in the United States unexpectedly increased: last week, the first application of 870000 people, higher than expected and previous values.

In the industry,: Castillo Copper found that it has a higher taste of copper, with a copper content of 28.4%. BHP Billiton is planning to sell a 75% stake in Elliot copper to BHP Billiton.

Copper prices continued to fall yesterday, and the night market once fell below the 50, 000 integer mark, but since then copper prices have gradually stabilized and continued to rise to recover the decline. On the whole, the stabilization and rebound of copper prices is still inextricably linked with macro factors. Us stocks rose after sharp fluctuations, driving the overall mood of risk assets to stabilize, so copper prices followed the rebound. We believe that with the improvement in market sentiment, the short-term bottom signal has been shown, superimposed that the fundamentals of copper are not weak, inventories are low, and pre-holiday stocks will start to start after the bottom, so copper prices are expected to start to rise before the festival.

Operation suggestion: it is recommended to try to intervene in multiple orders.