[brief Review of SMM Copper delivery] the market is worried that the US economy is likely to fall into recession and Shanghai Copper continues to hover around 39100.

SMM, 27 March:

Today, the main copper contract in Shanghai opened at 39130 yuan / ton in the morning, and after the opening, it quickly shook down to a daily low of 38730 yuan / ton, and then the bulls quickly entered the market, and the copper price quickly rebounded to 39000 yuan / ton. At the beginning of the afternoon, the shock pattern was maintained, and the long and short sides were inextricably linked, and then continued to rise to 39290 yuan / ton to reach the highest point in the day. However, due to the obvious lack of the end of the rally and continued to fall back and closed at 39180 yuan / ton, up 100 yuan / ton, up 0.26%. The main force of Shanghai Copper increased its daily position by 2723 hands to 113000 hands, mainly by long positions, and trading volume increased by 16000 hands to 113000 hands. Shanghai copper month contract 2004 reduction of 11000 hands, to 62000 hands, mainly for short reduction; Shanghai copper index daily reduction of 1675 hands to 342000 hands, mainly for short reduction; trading volume increased by 47000 hands to 257000 hands. At present, the price difference structure between the current month contract and the next month contract in Shanghai has changed from Contango structure to Back structure, because the domestic government has increased its economic support after the epidemic, the market is optimistic about the consumption situation in the later stage, and the spot market is active. At present, the number of initial jobless claims in the United States has soared to 3.28 million, and the market is increasingly expected to decline in the United States. Coupled with the fact that the outbreak level in the United States has exceeded the European trend this week, the market panic is still strong. Copper prices above the 40000 yuan / ton mark are still weak. At present, the center of gravity of Shanghai copper has hovered around 39000 yuan / ton for three consecutive days, and the rally is insufficient, and at present, the upper pressure on the 10-day moving average is still high, and in the short term, the pressure to break through the 40000 level is still relatively large. Continue to pay attention to the trend of the epidemic in Europe and the United States, test whether Shanghai copper can continue to stabilize around 39100 yuan / ton.