After the holiday, funds are tight, and it is difficult to make a big breakthrough in copper prices

In terms of external trading, on Monday, London copper opened lower at 5765 US dollars / ton
.
At the beginning of the Asian session, copper rose straight up to 5807 US dollars / ton, under pressure to try to break through again, recorded a high of 5810 US dollars / ton, and then copper prices gradually leaked, falling below the daily moving average; Entering the European session, copper prices tested down at $5,778 / ton after pulling back to the daily moving average, as of 17:00, London copper was reported at $5,798 / ton, up $32 / ton
.

London copper by Chile and Indonesia copper supply concerns boosted, backed by the Bollinger Road mid-band slightly upward, but the day around the daily moving average narrow finishing, no obvious action, the dollar continued to digest the January new non-farm payrolls data positive, upward impact 100 mark, is expected to form a certain pressure on Bollinger Road mid-band support, London copper temporarily trapped in the 20-40 day moving average range fluctuations
.

On the macro front, the change in US non-farm payrolls for January was 227,000 on Friday evening, far exceeding expectations of 180,000
.
The biggest increase in four months, mainly due to higher
employment in the construction and retail sectors.
However, it is worth noting that wage growth has slowed, with wages growing at a year-on-year rate of 2.
5%, the lowest since August, and the analysis believes that the job market still has some weakness
.
The dollar index remains under pressure at the 5-week moving average
.

In terms of the market, Shanghai copper fell slightly, the market gradually resumed trading after the year, a small number of enterprises are still on vacation, but the overall supply of copper has shown some pressure, holders of goods began to gradually expand discount quotations after entering the second trading session, the market copper brands are diverse, in the morning there are some small downstream into the market, but after the slight recovery of the plate, the market transaction is suppressed, the oversupply pattern is obvious, a small number of transactions are still dominated by traders
。 In the afternoon, the market fell slightly, but there were few inquirers, and the holders continued to expand the discount to seek transactions, and in the afternoon, the flat water copper discount was 150 yuan / ton - discount 120 yuan / ton, the premium copper discount was 80 yuan / ton - discount 40 yuan / ton, the transaction price was 46300 yuan / ton - 46500 yuan / ton, and the large discount attracted a small number of speculative traders
.

Overall, Chilean mine strikes and Indonesian copper concentrate export restrictions still affect the market from time to time, and the downstream gradually resumes work, and spot market transactions are expected to improve week by week
.
The market enters a
game of liquidity and fundamental peak season expectations.
Copper prices continue to be volatile
.