1, Shanghai Copper:
Copper prices fell on Wednesday, and the domestic stock market was weak during Asian trading hours. Copper prices fluctuated within a narrow range in early trading, and smoked bamboo shoots fell in the afternoon. During European trading hours, with the rise of the US dollar index, copper prices remained low and fluctuated. COVID-19 is very popular overseas, and the market is frightened by the rising number of short-term infections. There are more than 900,000 COVID-19 in the world, more than 45,000 deaths and more than 200,000 confirmed cases in the United States. At the same time, I am worried about the slowdown of economic activity or economic contraction in the medium and long term. After the short-term positive data of copper price was cashed, the rebound momentum did not last. It is more difficult for Lenton to challenge 5000 dollars. Overnight data showed that the US ISM manufacturing index in March was 49. 1, with an expected value of 44.5 and a previous value of 50. 1. New orders and employment hit a new low in 2009. In March, the number of non-agricultural small enterprises in the United States decreased by 27,000, and the number of "most injured" small enterprises decreased by 90,000. The market is worried that the worst has not yet arrived, and the copper price market atmosphere is still relatively empty. For reference only.
2. Shanghai Zinc:
Due to the expectation of tax reform, some traders in the zinc spot market also began to hoard a lot of goods, and the price difference between near and far months also changed from the price structure to the price structure. By April 1, the price difference between contract 04 and contract 05 had risen to 80 yuan/ton. However, the extent and time of future tax reform are still unclear. Assuming that the VAT rate before contract delivery is reduced from 13% to 12% in April, it is expected to provide arbitrage space of about 80 yuan/ton for the spot market. Judging from the current price difference, the market fully reflects the expectation of tax reduction. Yesterday, the main transaction of 0# zinc in Shanghai was15315-15385 yuan/ton, and some shippers reported a contract premium of 70 yuan/ton in 2004. After the zinc price goes up at a low level, the downstream procurement is obviously weakened, and the behavior of stocking or hoarding goods at a low price is reduced. Market transactions are mainly concentrated among traders, and consumption in the lower reaches of East China is average. At present, the price of zinc has fallen to the 75-point line of mine price, with small mines losing money and medium-sized mines losing money one after another. Domestic zinc mines may be in short supply. Many industrial funds believe that the price of zinc has fallen to around 20 15, which touches the cost support, and zinc is no longer regarded as the first choice for short allocation. There is not much room for unilateral operation in the short term. For reference only.
For reference only!