April 21 London Copper Afternoon Review

Last week's economic data of various countries was weak due to the impact of the epidemic but did not put too much pressure on copper prices, firstly, the market has enough expectations, and secondly, the new inflection point of the epidemic in many overseas countries has appeared, and the expectation of resuming production activities has pushed up market risk appetite, superimposed on the support of the supply side, copper prices continued to stabilize and rebound, and London copper rushed to more than
$5200.

The oil price crash fell into negative territory for the first time on Monday, with London copper closing down $36 under pressure
.
With U.
S.
oil storage facilities set to fill soon due to concerns that the coronavirus pandemic has hit demand, WTI May crude oil futures settled down $55.
90, or 305.
97%, at -$37.
63 a barrel, closing negative for the first time in history
.
A negative value means that investors will receive cash
for physical delivery of WTI crude oil in Cushing, Oklahoma.
London copper was dragged down to close lower at 5174
.

The collapse of the May contract price of U.
S.
crude oil futures may have dampened
copper prices.
Domestic and foreign trade export orders and related industries have contracted sharply due to the worsening of the overseas epidemic, and domestic demand is still not optimistic, which has a negative
impact on copper prices.
Since the current negative factors on the trend of copper prices have not been completely eliminated, copper prices lack sustained upward momentum, and investment strategies should still be cautious
in the short term.