Market uncertainty is still large, and copper prices may rise and fall sharply

In terms of news, the US Markit manufacturing PMI in March was 48.
5, the previous value was 49.
2, and the expectation was 48
.
The US Markit manufacturing PMI and the new orders index both hit their lowest levels
since August 2009.
US ADP employment in March: -27,000; expected: -150,000; prior: 183,000
.
The number of confirmed cases in the United States has exceeded 210,000
.
The epidemic in the United States continued to expand, with more than 25,000 new additions in a single day, overnight market panic heated up, and commodities fell
across the board.

Industry News:

1.
Since March 20, with the successive resumption of production operations of Patina Mountain Mine, Fengshan Copper Mine, Tongshankou Mine and Sarek Copper Mine, the mine of Daye Nonferrous Metals Group Holdings Co.
, Ltd.
, a subsidiary of China Nonferrous Metal Group, has fully entered the moment
of resumption of work and production.
The company made every effort to supplement production and increase production, accelerate the construction progress of the deep and middle section of the underground infrastructure project, vigorously promote the application of high-efficiency mining method in medium and deep holes, and carry out secondary mining of underground difficult stopes to improve ore supply capacity
.
Fengshan Copper Mine will change the local operation area of the underground from the original two-shift system to the three-shift system, and plan to increase the mine's copper production by 15%
every month from the beginning of the year.
The Tongshankou mine started two ball milling systems at the same time to increase the raw ore processing capacity
.

2
.
The South African Maritime Safety Authority and the Transport Authority respectively uploaded notices on their official websites that South African ports continue to be open to all types of ships, but important commodities have priority rights to use ports.
The notice, dated March 31, clashes with documents from last week from the Port Authority that showed a 21-day
lockdown of commodity terminals across South Africa to curb the spread of the coronavirus.
The notice reads: "At present, the government has decided on a functional supply chain in ports across the country, receiving all cargo for loading and unloading at the port
.
An industry source said Wednesday that the port is expected to operate
at a maximum of 70 percent of its load.
The South African Maritime Safety Agency's notice also shows that "the Transport Authority acknowledges that different agencies issue different directives, which cause confusion
among service providers and shipping companies.
" Because of the unclear policy, some miners have developed several different plans
.

3.
Indonesia has issued a new batch of 1.
07 million tonnes of copper concentrate export licenses
to Freeport Indonesia, an official at Indonesia's energy ministry said.
Riza Pratama, an official at the Ministry of Energy and a spokeswoman for Freeport Indonesia, separately told reporters that the permit is valid from March 16 to March 15, 2021
.
In addition, Indonesia issued an export license for 373,626 tonnes of copper concentrate to PT Amman Mineral Nusa Tenggara for one year
.

Yesterday, Shanghai copper opened high and low, and the price plunged in the afternoon, and the price closed slightly lower
.
Short-term copper prices still look at the macro "face", the overseas epidemic has not yet reached an inflection point, the market is worried about debt default, suppressing metal prices, but the marginal improvement in copper fundamentals has also given the market some confidence
.
The short-term expected price operation is characterized by high volatility under the downturn, unilateral operation lacks directionality, you can consider selling wide straddle options, the medium-term price is still expected to rebound, it is recommended to seize the opportunity
to open a long-term long position at a pullback.