Bears poured in sharply and the center of gravity of copper prices shifted downward

In terms of external trading, London copper opened at 5866 US dollars / ton, after the opening with the collective decline of commodities, copper prices fell along the daily moving average to around 5829 US dollars / ton consolidation, and then Freeport McMulan Copper-Gold Mining Company Indonesian spokesman said that has resumed copper concentrate production at the Grasberg mine, ending more than a month of shutdown, copper prices plummeted, the low touched 5781 US dollars / ton, the lower lead pierced the 10-day and 60-day moving averages, the bears covered back, copper prices repaired upwards to 5800 US dollars / Consolidation around tons, with the fall of the dollar in the afternoon, copper prices all the way back, breaking free from the shackles of the daily moving average, recovering most of the decline, as of 17:30, London copper was reported at $5831 / ton
.
Intraday London copper first suppressed and then rose, continuing the trend of weakening the Asian market, the European market back up, the overall center of gravity downward, the current dollar is in a falling channel, London copper or continue to repair
upward.

In terms of news, internationally, copper supply concerns are slowly dispelling, Escondida copper mine said that the operator agreed to negotiate with the labor union and modify the labor contract, the end of the strike for more than a month is expected, in addition, Peru's largest copper mine - Cerro Verde copper mine strike activity will also end due to government orders, if the copper mine strike ends, then copper prices will lose the main support
for the rise.
In addition, sixteen cities have recently introduced new purchase restrictions over the weekend, and the central high-level has also shouted to remind the leverage risk, which means that the regulation and control will be increased, which will also have a certain negative impact
on copper prices.

In terms of the market, Shanghai copper fell sharply, intraday stepped decline, value-preserving orders profited shipments, speculators were partially trapped, the overall supply was reduced, the current copper discount narrowed slightly, some middlemen deposited long orders to deliver demand, entered the market to absorb low-priced sources, downstream wait-and-see sentiment increased, few entered the market, most inquirers, the trading atmosphere was more cautious, and the transaction was dominated by middlemen
。 In the afternoon, the low level of Shanghai copper repaired part of the decline, the holders continued the noon discount level, flat water copper quotation discount 190 yuan / ton - discount 170 yuan / ton, premium copper discount 150 yuan / ton - discount 100 yuan / ton, speculators inquired more, but low discount source is difficult to find, the transaction price is 46800 yuan / ton - 46980 yuan / ton, the price continues to show stalemate
.

Overall, the pressure on the supply side is high, while the demand on the consumer side is weak
.
The global mining strike has not subsided, upstream supply worries still exist, although to provide support for copper prices, but the market consumption is weak, inventory pressure is greater, the main force of Shanghai copper has fallen below all averages, it is expected that the trend of copper prices in the short term will be mainly adjusted, it is recommended to wait and see for
the time being.