April 20 Shanghai copper afternoon review

In terms of the market, today's Shanghai electrolytic copper spot contract reported a premium of 230 yuan / ton - 270 yuan / ton, flat water copper trading price of 51540 yuan / ton - 51640 yuan / ton, and premium copper trading price of 51560 yuan / ton - 51660 yuan / ton
。 Overnight Shanghai copper high gave up part of the gains, spot premium also rationally fell below 300 yuan / ton, today the market is numerous, early in the morning did not see a hard price, the willingness to exchange cash, the quotation from good copper premium 270 yuan / ton to 250 yuan / ton, flat water copper due to the downstream market replenishment, the transaction remained stable at 230 ~ 240 yuan / ton, some Indian copper, PASAR, Bulgaria held steady at the premium 200 ~ 220 yuan / ton, each brand transaction has no special highlights, However, the transaction activity has slightly warmed up compared with yesterday, and the mood of the market to sell goods for cash is slightly urgent, and today it has begun to show the characteristics of
oversupply.

Expectations of interest rate hikes are high, the dollar remains strong, and copper prices are under pressure
.
The rise in copper prices was mainly due to concerns that the scope of US sanctions could be extended to Russia's Norilsk Nickel industry, which is also one of
the largest copper producers in Russia.
But U.
S.
sanctions on Norilsk Nickel are unlikely, because Norilsk Nickel is the world's largest supplier of palladium, and the United States is extremely dependent on it
.
Therefore, after the worries subside, copper prices are more likely to pull back, so it is recommended that Shanghai copper take profit and leave the market
.
The discount continued to narrow in May and June, so it is recommended that the positive set of the portfolio continue to be held
.