Copper prices' center of gravity edged upwards and failed to gain a foothold at a high level

Externally, the Asian market, London copper opened at 6380 US dollars / ton, opened low, copper prices at the beginning of the session tried to test, short-term high 6408 US dollars / ton, the price fell back to the opening low, narrow range after the adjustment, due to the US index performance pullback, bulls actively entered the market, London copper shock higher, which around 6400 US dollars / ton performance concentrated trading, then into the European session, copper prices tested higher 6427.
5 US dollars / ton, as of 17:00, London copper reported 6417 US dollars / ton
.

In terms of the market, Shanghai copper continued the trend of last Friday night, the center of gravity fell to 49,600 yuan / ton, and the price difference structure of the next month contract narrowed to about
150 yuan / ton.
Spot discount quotation followed the narrowing, the morning holder quotation discount 90 yuan / ton ~ flat water, but due to the narrowing of the quotation too much spot buying is weak, so flat water copper led the downward adjustment, the transaction concentrated in the discount 110 ~ discount 100 yuan / ton, good copper reported to the discount 40 ~ discount 30 yuan / ton, the transaction has improved
.
Although the market supply is still abundant, but due to traders undercutting the price of receiving flat water copper delivery long orders, the trade atmosphere on Monday is also active, the discount has also narrowed accordingly, this Friday's monthly contract delivery, the change range of spot premium discount still needs to follow the next month's price spread change guidance
.
In the afternoon, due to the obvious narrowing of the plate price difference, the afternoon price difference closed to about 120-130 yuan / ton, triggering a speculative boom of traders, low price receipt transaction heat, market inquiry positive, good copper soon appeared premium quotation, flat water copper due to also a certain profit space, quotation also increased
.
In the afternoon, flat water copper newspaper discount 90-discount 70 yuan / ton, good copper newspaper discount 10-liter water 10 yuan / ton, the transaction price in the range of 49640 yuan / ton - 49780 yuan / ton, tomorrow's spot may be premium quotation
.

The 20-day moving average is supported below the intraday copper closing body, which needs to pay attention to the US retail sales data for January expected to be 0% higher than the previous value, and Fed Chairman Jerome Powell's speech in Washington tomorrow morning
.
Waiting for the guidance of the US index and crude oil, test whether London copper can hold the 20-day moving average below, and test the pressure around the 5-day moving average of 6435 US dollars / ton above, the range shock pattern is difficult to break
for the time being.

During the day, the spread of Shanghai copper 1903-1904 contract narrowed to about 130 yuan / ton, and the spread of 1904-1905 contract widened to 460 yuan / ton
.
Although the main force of Shanghai copper stopped falling for 5 consecutive years, the center of gravity performance continued to move down, falling below the middle band of the Bollinger curve, and the MACD indicator double-line opening expanded down and the performance continued to decline
.
Test whether the main force of Shanghai copper can go up to 49200 yuan / ton
.