Copper prices continue to be weak in the short term awaiting the decision of next week's interest rate hike meeting

This week's LME March copper volatility declined, opening at $5934.
5 on Monday, unilaterally sliding from the highest point of $5950, bottoming out at $5652 on Thursday night, and then rebounding slightly, closing at $5707 during the domestic trading session, down $231, or 3.
89%, with positions increasing by 3,145 lots to 331,000
.

In terms of the market, the market traded lightly this week, with fewer smelter shipments and more positive trader shipments
.
The current premium began to pick up on Tuesday, with good copper turning into premium and traders purchasing
appropriately.
In the current consumer market, wet copper sales are weak, while good copper and flat copper demand is acceptable
.
Today's Shanghai Nonferrous Metals Trading Center (SME), spot copper mainly traded 46090-46290 yuan / ton in the morning, down 260 yuan from the previous working day, the premium was reported at C130-b70 yuan / ton, unchanged from the previous working day, and the copper spot price index was reported at 46260, down 267
from the previous trading day.
Today's market trading is acceptable, the market imports copper mostly, smelters basically do not ship, traders purchase a small amount of warehouse receipts, purchase mainly below, especially large copper rod factories, etc.
, their orders are better than the previous period, on-demand procurement for weekend processing a small amount of warehouse
.
The downstream premium fell slightly from the morning, good copper B40-B50 yuan / ton, flat water copper C50-C40 yuan / ton, wet copper C130-C120 yuan / ton
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders hold an upward view, and a few hold a volatile view
.

In terms of news, the market's expectations for a Fed rate hike in March have soared, and it has even become a "certainty" fact, and the LME copper inventory has soared, quickly easing supply-side concerns
.
Previously, the media said that the world's second largest copper mine Grasberg will resume production on the 21st of this month, and Chile's largest copper mine Escondida is also expected to resume smelting
in the near future.
Under the three bearish factors of the US dollar interest rate hike, the surge in inventories and the resumption of copper mine production, London copper hit a two-month low this week, and Shanghai copper also fell
under pressure.

At present, the market's speculation about the expectation of the consumption season has slowed down, and the focus is on macro policies and changes in supply
.
Although downstream consumption is still less than expected, it has shown signs of improvement after entering the peak season, especially the recovery of the operating rate of large copper rod factories and the increase in procurement volume
.
Technical, daily level, K-line significantly away from the MA track, 60-day moving average pressure is strong, BOLL track widens downward, and K-line goes down the lower band
.
The BOLL track has converged smoothly and we believe price is still oscillating
within the lower edge of the previous low of 43620.
Copper prices may continue to be weak in the short term, awaiting the decision
of next week's interest rate hike meeting.