Copper prices are still supported below and there is limited room for a pullback

Externally, Apanlon copper opened at $6499/ton, and after a brief struggle at the 6500 mark, bears entered to suppress copper prices to fall to $6464/ton, and then rebounded more than $20/ton
.
In the afternoon, affected by the recovery of the US dollar and the decline in crude oil prices, London copper accelerated its decline, the market fluctuated downward, as of 17:00, London copper closed at 6414 US dollars / ton, down 62 US dollars / ton, down 0.
96%.

Federal Reserve Chairman Jerome Powell said on Wednesday that a surge in new cases in the United States and anti-epidemic restrictions had begun to drag down the economic recovery, and the release of European economic data in the days heightened concerns about uncertainty about the outlook for economic recovery, limiting the rebound
in copper prices.
Weak demand coincided with OPEC+ members increasing production from August, and lower oil prices also weighed on copper prices
.

In terms of the market, the Shanghai copper shock runs in the first line of 51800 yuan / ton, the morning market holders continue the previous day's market conditions reported at 30-40 yuan / ton, good copper premium 80 ~ 90 yuan / ton, the transaction response is not positive enough, the transaction difficulty has improved under the flat water copper lead down to 20 yuan / ton, during the period can be pressed to around 10 yuan / ton, good copper sources account for less, holders temporarily postpone price adjustment, quotation remains stable, concentrated transaction in the premium 80 ~ 90 yuan / ton range, downstream to maintain just need to buy, Storage can be pressed price space, wet discount expanded, quotation discount 70 ~ discount 50 yuan / ton
.
In the last two days of the end of the month, the weak transaction has become a trend, and the holders take the initiative to let the price of the transaction mainly, and the characteristics of the end of the month are obvious
.
In the afternoon, the market fell around 51700 yuan / ton, due to the factors at the end of the month, the spot did not see the phenomenon of rising water, flat water copper has risen 10-20 yuan / ton, good copper is stalemated at 80-90 yuan / ton, the transaction price fell slightly to 51720-51900 yuan / ton
.

In the early morning, the Fed's FOMC meeting announced that the benchmark interest rate remained unchanged in the range of 0%-0.
25%, and will continue to release liquidity easing
.
The tone of monetary policy easing remained unchanged, boosting investor confidence, but the Fed reiterated that the outlook for the U.
S.
economy will largely depend on the development of the coronavirus pandemic
.
At present, the global number of confirmed new crown cases has exceeded the 17 million mark, and the escalating new crown epidemic crisis has made investors cautious about the economic situation, which has put some pressure
on copper prices.
Shanghai copper closed negative during the day, KDJ opening expanded, but the bottom is still supported by the 5-day and 10-day moving averages, and the copper price has limited room for correction
.