Copper prices are under pressure in the short term and temporarily maintain a consolidation trend

In terms of the external market, to undertake the overnight decline, London copper opened low at 5584.
5 US dollars / ton, Asian trading session, London copper followed the Shanghai copper short-term rush to 5608 US dollars / ton, at the end of the noon, domestic black colored series fell sharply, commodities diving collectively, London copper began to fall, breaking through the daily moving average, dragging the daily average down, at the end of the Asian session tried to reverse the daily average unsuccessful, into the European session, with the sharp recovery of the US index, copper prices continued to fall, as of 17:48, London copper reported 5557.
5 US dollars / ton
。

Macro: The latest release of ADP employment in the United States increased by only 153,000 in December, significantly lower than the previous value of 215,000, which also exacerbated the dollar's
decline.
But it doesn't seem to have changed the market's bullish expectations
for the mid-line of the dollar.
Hong Kong's offshore yuan Hibor surged 2,299.
8 basis points overnight to 61.
333%, soaring
for the second day in a row.
The market believes that the main reasons for the current sharp rise of the RMB include three: first, the US dollar is in a volatile market, and the market is in a wait-and-see state before the Trump administration takes office; Second, the RMB HIBOR in Hong Kong has risen sharply, and the cost of shorting RMB in the offshore market has skyrocketed; Third, after the supervision of the State Administration of Foreign Exchange, the impact of the onshore market exchange window is quite limited
.
The message is empty
.

In terms of the market, Shanghai copper fell slightly, speculators entered the market to continue to close low-priced goods, now copper discount further narrowed, wet copper still did not see significant improvement, and flat water copper price difference widened, noon flat water copper price has narrowed to a discount of 70 yuan / ton, the price of premium copper narrowed to a discount of about 20 yuan / ton, downstream gradually entered the market to receive goods, the transaction is gradually warmed under the leadership of middlemen, the market is looking forward to next week ushering in the tide of stocking before the Spring Festival
.
Approaching delivery, the price difference in the next month is still above 100 yuan / ton, and the spot will gradually turn to a rising state next week, but the flat water copper price difference will be larger
.
In the afternoon period, the center of gravity of Shanghai copper moved down, traders narrowed the discount, good copper has been flat, but the weekend market recognition is not high, the concentrated transaction is still within the discount of 30 yuan / ton - discount 20 yuan / ton, flat water copper discount narrowed to 90 yuan / ton - 50 yuan / ton, the afternoon market bargain trading can continue, still mainly concentrated among
traders.

On the whole, the RMB has rebounded sharply, short-term domestic copper prices are under pressure, copper short-term 44000 support is strong, copper recent fundamentals have not changed much, it is difficult to support a new high
.
Although Peru's copper production in November 16 increased by 33% year-on-year, it was within market expectations and had no impact
on copper prices.
In terms of spot, the market is looking forward to ushering in the stocking tide
before the Spring Festival.
Approaching delivery, the price difference in the next month is still above 100 yuan / ton, and short-term spot will gradually turn to a state of premium
.