Shanghai copper continues to fall to the limit, and it is difficult to reverse the weak market for the time being

Externally, the Asian market opened at $4780 / ton in the morning, after the opening due to the collapse of global financial commodities, U.
S.
stocks triggered the circuit breaker again on the previous day, the market triggered a stampede, the last day the dollar index broke the 100 mark to hit a new high in nearly 3 years, in the current panic under the fundamentals have lost support for copper prices
.
After the open, London copper fell all the way, falling all the way to $4371 / ton in the afternoon, the lowest since
2016.
In the afternoon, the market sentiment was repaired, and copper prices also slowly recovered after the copper line bottomed out, and the overall "V" trend appeared, and most of the morning losses were repaired at the European moment, and the highest recovery touched the nearly $4,700 / ton mark
.
At present, the market is worried about the panic caused by liquidity risks, the dollar broke through the 100 mark, there is a lot of pressure on commodities, and copper with strong financial attributes took the lead in leading the decline, which also indicates the pessimism
of the subsequent macro reality.

In the market, due to the sharp rise in panic caused by liquidity risks, the financial commodity market plummeted, and Shanghai copper closed the limit again at the opening of the morning market in the morning of the day after the previous afternoon's closing limit of 9%, and the contract price of the month fell to 37520 yuan / ton
.
The market once could not quote, and then there was chaos from discount to large premium, close to 10 o'clock, under the guidance of large traders, the quotation was basically stable in the range of 20 ~ 50 yuan / ton of premium, and the price of wet copper was discounted 20 yuan / ton ~ flat water
.
Market performance is priceless, and panic and worry pervade the entire market and industry chain
.
In the afternoon, the plate is still sealed on the drop limit board, and the vaguely heard quotation is slightly relaxed than the morning market, flat water copper flat water ~ liter 10 yuan / ton, good copper premium 20-30 yuan / ton, according to the stop price accounting transaction price at 37520-37550 yuan / ton, but still priceless market
.

During the day, Shanghai copper continued to top the list in terms of capital outflows in the nonferrous sector, with a total outflow of 1.
4 billion yuan and Shanghai copper capital outflow of 1.
041 billion yuan
.
At present, Shanghai copper has fallen for two consecutive days, due to the impact of the global epidemic, the market is currently panicking, the non-ferrous sector collective diving, since last week the global stock market frequent circuit breakers, non-ferrous metals market relatively stable, but in the past two days the non-ferrous metals market resistance has significantly weakened, market systemic risk has increased, resulting in investors selling goods for cash is strong
.

At present, the basic face of the impact of copper prices is basically invalid, copper price trend almost follows the entire macro market, the current global economy is in a recession period, and it is expected that in the case of the epidemic has not improved, copper prices are still in the probability of bears dominating, weak low market is temporarily difficult to reverse
.