March 16 Shanghai copper afternoon review

On Friday night, Panlun copper closed at $5453.
5 / ton, up 0.
34%, with a volume of 31,000 lots, and long positions increased by 6,738 lots to 313,000 lots
.
Copper prices weakened from their highs to below the daily average on Friday night, mainly because the market risk aversion was still high when the global epidemic was developing, and bulls actively closed their positions
after copper prices rushed higher in the afternoon due to the news of the domestic central bank's RRR cut.

Global monetary policy is now in full easing, with the Federal Reserve cutting interest rates to zero on Sunday and launching a massive $700 billion QE program
.
The more severe the situation in the short term, the more extreme the fiscal and monetary policy responses, and it is conceivable that the overall boost of these measures will only really work when economic activity rebounds, and short-term markets remain dominated by risk aversion
.

In terms of spot, as we enter the delivery date today, the overall level of spot premium will be close to the delivery level, and the deliverable source is expected to be favored, driving the spot quotation
upward.
It is expected that today's Shanghai copper 43200-43600 yuan / ton
.
It is expected that today's spot premium 20-60 yuan / ton
.