Copper fell to adjust market optimism

In the external market, London copper opened high at 6040.
5 US dollars / ton, maintaining a volatile upward trend
during the day.
After the opening of Shanghai copper, London copper briefly tested the intraday peak of 6031 US dollars / ton and quickly rebounded, rising back to 6070 US dollars / ton for sideways
.
In the afternoon session, the rally resumed, the bulls increased their positions to support the copper price to climb 6095 US dollars / ton, copper prices briefly sorted out and hovered, the bulls then gathered momentum, breaking through the 6100 US dollars / ton mark in one fell swoop, the highest climb 6102 US dollars / ton
.
The high led the bulls to take profits and leave the market, and copper prices gave up slightly below the 6100 mark
.
As of 17:00, London copper closed at $6093.
5/ton, up $78.
5/ton, or 1.
31%.

In terms of the market, Shanghai copper opened low and went high, following the A-share base of 49,000 yuan / ton at about ten o'clock to 49,200 yuan / ton in a straight line
.
Morning market holders quotation is still in the premium 10 ~ 20 yuan / ton line, low price source market response positive, active inquiry, flat water copper buying good concentrated transaction in the premium 10 ~ 20 yuan / ton, so the quotation raised to 30 yuan / ton, good copper price in the premium 30 ~ 40 yuan / ton, favor slightly inferior to flat water copper, downstream to maintain just need to buy, wet copper source is still loose, the quotation from the discount of 50-40 yuan / ton down to discount 70-discount 60 yuan / ton
。 It is difficult to have room for price reduction during the day, it is difficult to receive low-priced supplies, the market inquiry atmosphere is active, the market buying interest has improved significantly, so the holders have confidence in the premium reserve, the performance is more persistent, and the further promotion of the market has also formed a certain support
.
In the afternoon, Shanghai copper steadily ran at 49200 yuan line, the bottom center of gravity rose from the morning, the market inquiry atmosphere continued to be active, flat water copper has been firm at 30 yuan / ton, good copper premium 30-40 yuan / ton, the transaction price slightly raised to 49180-49250 yuan / ton
.

At present, the cumulative number of confirmed cases of the new crown epidemic has exceeded 11.
47 million, and the continuous spread of the epidemic has suppressed some optimism, but the sustained recovery of the domestic and foreign economies still provides strong support
for copper prices.
In addition, Chile's national copper company (Codelco) said that it will suspend the expansion of El Teniente copper mine, and the market's concerns about the tight copper supply situation have re-fermented, which has boosted copper prices
.
Shanghai copper closed positive during the day, the upper pressure 5-day moving average, the KDJ curve crossed downward, but the lower still received 10-day moving average support, waiting for external guidance, testing whether the bulls can continue to exert force, helping copper prices gain momentum again
.