Shanghai copper gap opened high, and the center of gravity rose from the previous trading day

In the external market, the Apanlon copper gap opened at $5200 / ton, and rose slightly to $5230 / ton
after the open.
After the opening of Shanghai copper, London copper fell slightly by about $20/ton
.
Subsequently, the bulls continued to increase their positions, and copper prices quickly rose above $5260 / ton, rising steadily to reach the highest point of the day at $5269 / ton
.
However, the momentum of the impulse is difficult to maintain, copper prices fell from the high, entering the European session, the decline was slightly slow, copper prices around 5225 US dollars / ton in a narrow range
.
Intraday copper jumped higher, mainly because market confidence was boosted by macro positive news
.

The rate of new deaths due to the epidemic overseas has slowed, and many US states, Italy and South Africa have gradually reopened their economies
.
During the day, the Bank of Japan indicated that monetary policy will be further relaxed, which also boosted market risk appetite and helped copper prices rise
.
However, international oil prices fell all the way during the day, and concerns about the outlook for crude oil demand still suppressed bulls and dragged down copper prices
.
As of 17:00, London copper closed at $5221/ton, up $33/ton, or 0.
64%.

In terms of the market, the Shanghai copper gap opened all the way up, and the willingness of holders to exchange cash after the end of the long order increased, and the market supply was abundant
.
Intraday copper red rose more than 700 yuan / ton, consumption stopped, the market after last week's concentrated bargain replenishment, more stop and see, a small amount of downstream just demand, although traders have the willingness to receive goods, but the quotation is still difficult to reach the desired target price, wait and see more
.
Before May Day, if the market continues to fluctuate at a high level, it may be difficult
for the spot premium to remain firm.
In the afternoon, the high level of the plate has fallen, maintaining range volatility, the quotation is stable at flat water copper premium 130-140 yuan / ton, good copper premium 140-150 yuan / ton, the transaction price to 42730-42880 yuan / ton
.

Shanghai copper jumped high during the day, and the center of gravity rose by about 750 yuan / ton from the previous trading day, mainly because last Friday, Yunnan Province expressed support for key enterprises to carry out commercial storage and storage of nonferrous products, with a total storage of about 800,000 tons
.
The news provided strong support
for copper prices to the upside.
Coupled with the improvement of macro expectations, the pace of economic reopening in major economies around the world has accelerated, more states in the United States want to ease epidemic restrictions, and Italy will gradually restart its economy
from May 4.
The Bank of Japan announced that it will expand its government bond purchases and further ease monetary policy
.
The macro orientation boosted market risk appetite and stimulated copper prices to rise
.
At present, the main contract of Shanghai copper is close to the 60-day moving average, partially covering the gap in the early stage
.
Next, continue to pay attention to the decision of the European Bank, the Federal Reserve and China's manufacturing PMI data for April, whether it can help copper prices rise
further.