China's demand is expected to improve, and the trend of Shanghai copper is volatile and stable

Externally: Asian market London copper oscillation slightly rose, of which Shanghai copper closed 3-month LME copper rose 0.
1% to 4814 US dollars / ton, hitting a new high since November 12 last year, effectively stabilizing above the moving average group, but copper prices rose for nearly a week, short-term attention to retraction confirmation, below support focus on 4700 US dollars / ton
.

Macro: China's Caixin services PMI came in at 51.
2 in February, down from 52.
4 in the previous month, but the previous fiscal manufacturing PMI (which fell to 48) for February showed that the domestic economic adjustment continued
.
In addition, the Asian dollar index stabilized above 98.
2 as overnight U.
S.
February ADP data was stronger-than-expected, signaling an upturn in U.
S.
non-farm payrolls for February released on Friday, raising expectations
for a Fed rate hike in March.

Market: Due to the early arbitrage cover, the current copper discount is firm and narrowed slightly
.
However, the strong discount has also dampened buying among traders, and high copper prices have further discouraged downstream purchasing interest
.
The overall trading volume of the market fell significantly
from Wednesday.
A small number of transactions are also limited to traders to smooth out the cost of
holding goods.

Today's Shanghai copper 1605 contract climbed strongly to 37,000 yuan / ton, further confirming the upward breakout, indicating that the short-term long and short glue is dominated
by bulls winning.
Short-term copper prices still have room to rise, it is recommended that the Shanghai copper 1605 contract can still be backed by 36300 yuan / ton above the dip and long, the upper resistance focus on 37500 yuan / ton
.