Copper prices are weak and there is limited room for continued decline in the short term

In terms of the external market, London copper opened at 6932 US dollars / ton, after the opening London copper slightly rose to 6943 US dollars / ton, 6950 US dollars near the long exit, short entry, London copper quickly fell back to 6922 US dollars / ton around sideways, in the afternoon, the dollar rebounded London copper center of gravity moved down again, fell below 6900 US dollars / ton, directly tested down to 6874.
5 US dollars / ton, and then rose slightly, as of 18:12, London copper reported 6890.
5 US dollars / ton
.
During the day, the US dollar rebounded, base metals all retreated, and the center of gravity of London copper shifted down again, which is expected to fluctuate around
6900 US dollars / ton.

In terms of the market, Shanghai electrolytic copper spot contract discount of 170 yuan / ton - discount 120 yuan / ton, flat water copper transaction price of 51680 yuan / ton - 51820 yuan / ton, premium copper trading price of 51700 yuan / ton - 51850 yuan / ton
.
Spot copper prices are still under pressure of 52,000 yuan / ton, but the decline is limited
.
The intraday selling sentiment has eased, which clearly shows that the financial pressure has eased
.
The morning market quotation is relatively stable, good copper quotation tends to stabilize at the discount of about 130 yuan / ton, flat water copper is still slightly different, Korean copper, Japanese copper, Lufang and other morning market high can be pressed to discount 180 yuan / ton ~ 170 yuan / ton to receive, for the downstream replenishment expectations, wet copper holds the discount 270 yuan / ton ~ 260 yuan / ton, a small amount of pressure price received at the discount 290 yuan / ton ~ 280 yuan / ton
.
In the second trading session, the market fell back to 100 yuan, the market has been difficult to find low-priced sources, holders continue to hold prices, waiting for the return of the downstream, intraday transactions are still dominated by large traders receiving goods
.
In the afternoon session, the enthusiasm of the holders to ship decreased, the quotation decreased, the inquirer was also few, the market trading atmosphere was light, the flat water copper newspaper discount 190-150 yuan / ton, good copper reported 130-120 yuan / ton, the transaction price was 51600-51770 yuan / ton
.

In terms of stocks, COMEX copper stocks were 231,060 short tons as of March 2, an increase of 329 tons from March 1; LME copper stocks were 324,900 tonnes, down 3,100 tonnes from March 1; As of March 5, the Shanghai Stock Exchange futures inventory was 85,332 tons, an increase of 4,823 tons
from the previous day.

Industry news, the Chilean government released last Wednesday according to the country's copper production in January slightly reduced
from the previous month.
Chile produced 503,840 tonnes of copper in January, down 6.
3 percent from 536,643 tonnes in December but up from 473,898 tonnes
a year earlier, the data showed.

Intraday copper price trend relative to other base metals performance relatively resistant, but the recent inventory accumulation is obvious, spot to the current month contract to maintain a large discount structure on copper price rebound pressure, the market still expects downstream demand to pick up, in the short term, copper price trend is subject to the strength of
the US dollar.
On the plate, the moving average system shows a bearish arrangement, the MACD indicator is weak, and it is expected that the short-term copper price will remain weak
.