After the holiday, demand has not yet returned to Shanghai, and copper still maintains range-bound volatility

In terms of external disk, London copper opened at 5843 US dollars / ton
.
During the Asian session, London copper was under pressure on the daily moving average to slowly move down, testing as low as 5811 US dollars / ton, and some bulls entered the copper price in the afternoon to draw the 5-day moving average, touching 5854 US dollars / ton; Entering the European session, as crude oil plunged to a low of $52.
85 / barrel, the dollar rose above 100 points, London copper was dragged down to explore the middle track of Bollinger Road, as of 17:00, London copper was reported at 5807 US dollars / ton, down 38.
5 US dollars / ton
.
Intraday London copper is still limited by the moving average oscillation, the 5, 20-day moving average on the plate formed adhesion, copper prices above the pressure is greater, the dollar remains strong, London copper is expected to continue to test the Bollinger Road mid-band support
.

Macro: After the "interest rate hike", the central bank contracted liquidity
again.
The central bank suspended open market reverse repurchase operations for the third day in a row, saying that the total liquidity of the banking system is now at a high level
as cash gradually withdraws.
In order to maintain the basic stability of the liquidity of the banking system, the open market reverse repurchase operation
will not be carried out on February 7.
The message is empty
.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 140 yuan / ton - 30 yuan / ton, flat water copper trading price of 46500 yuan / ton - 46580 yuan / ton, and premium copper trading price of 46560 yuan / ton 46660 yuan / ton
.
Shanghai copper narrow finishing, market supply pressure is still large, the price difference between brands is large, although good copper has the willingness to raise prices, helpless flat water copper took the lead in actively reducing discount shipments to seek transactions, because some Shandong sources gradually entered the Shanghai market and there are imported low-end flat water copper impact, so that good copper helpless to follow the expansion of discount shipments, wet copper also discount expansion obvious
。 In the afternoon, the market rose slightly, and the holders continued to expand the discount, but due to the lack of downstream enterprises entering the market, coupled with the lack of operating space for speculators, the market trading was scarce, generally reflecting that the transaction atmosphere was not as good as the previous day, and the afternoon flat water copper discount was 150 yuan / ton - discount 120 yuan / ton, premium copper discount 80 yuan / ton - discount 40 yuan / ton, the transaction price was 46530 yuan / ton - 46760 yuan / ton
.

In terms of industry, Japan's Ji Shen Holdings expects the Caserones copper mine to produce more than 40,000 tons
of copper in the first quarter of this year.
The mine, located in Chile, had an operational efficiency of more than 90%
in December.
In addition, BHP's copper production in the first half of 2017 fell by 7% year-on-year to 712,000 tonnes, and the company lowered its copper production target for the current fiscal year to 1.
62 million tonnes, about 2%
lower than its original production target, as its Olympic Dam copper mine was affected by the South Australian grid accident and unplanned refinery maintenance.

On the whole, copper prices rebounded, short-term attention to copper prices to test the performance of the volatility range resistance line since November last year, trading to
find good buying opportunities.
From the perspective of the market, the trading volume and position volume are still at a low level, the activity of funds is low, it is difficult to appear a large market in the short term, and it is expected that copper prices will continue to maintain range volatility, ranging 46200-47800
.