Shanghai copper rushed back down within the day, and there is still a risk of pullback in the short term

Today's LME market resumed, Asian market under pressure decline, of which Shanghai copper closed 3 months LME copper fell 0.
76% to 4921 US dollars / ton, fell back to the low point since March 10 this year, short-term pullback pressure is greater, the lower support focus on 4850 US dollars / ton
.

Macro: The Asian dollar index rebounded, basically recovering its overnight losses and now trading around 96.
2, thus putting pressure
on non-ferrous metals.
At present, the market is focused on the US non-farm payrolls data for March, which is expected to be more favorable, which is conducive to the strengthening
of the US dollar index.
In addition, the short-term government tightened the housing loan policy in first-tier cities, causing market concerns
about the slowdown in the recovery of the housing market.

Market: Since the basis of the next month is still within 100 yuan, the current copper discount remains firm, making it difficult to find low-priced supplies, but the overall market supply is sufficient, and most of the imported copper is still used
.
Traders' trading activity has declined, and some speculators have bought and sold in
the morning market.
Downstream enterprises have a strong wait-and-see mood, and the transaction is dominated
by middlemen.

Today's Shanghai copper 1605 contract fell under pressure to 37570 yuan / ton, partly weighed
down by the strengthening of the US dollar.
At the same time, copper inventories in the last period were close to record highs
as market concerns about rising domestic inventories continued to increase.
At present, Shanghai copper has fallen back to the moving average group, and it is recommended that the Shanghai copper 1605 contract can hold short orders below 38,000 yuan, and the target is around
37,000 yuan / ton.