Copper prices fluctuated slightly and waited for further guidance on the news

In terms of the external market, London copper opened at 5934.
5 US dollars / ton, after the opening of London copper continued last Friday's rally, bulls increased their positions sharply, driving copper prices up to 5954.
5 US dollars / ton, but blocked at the 20-day moving average, and then, domestic media said that the National Development and Reform Commission investigated whether there was speculative speculation in the recent commodity futures market, base metals fell collectively, London copper with the domestic copper price leaked sharply, all the way back to 5888 US dollars / ton, the European session in the crude oil rally, rose again, as of 17 :45, London copper reported $5931/ton
.
Intraday copper moving average oscillation, upper moving average resistance, entangled 5-day 20-day moving average adhesion, and 10-day moving average suppression, but the lower 40-day moving average support is more obvious, the latest release of the United States announced January durable goods orders month-on-month preliminary value, January existing home signing sales month-on-month, the overall data is good, the dollar is expected to maintain a strong force, copper prices or maintain the average range shock
.

In terms of the market, Shanghai copper rebounded slightly, speculators at the end of the month wait-and-see sentiment increased, but due to some long-term delivery demand into the market, delivery middlemen into the market to lower prices, now copper discount has expanded compared with last weekend, flat water copper varieties are complete, there is room for price pressure, good copper then expanded down, the price difference between brands exceeded 100 yuan / ton
.
Copper stopped falling and stabilized, and there are signs of recovery, downstream inquiries increased, timely opportunity to enter the market, market trading is acceptable
.
In the afternoon session, the market actively bought enthusiasm declined, the holders actively shipped, the market supply was sufficient, the holders took the initiative to decrease, flat water copper reported a discount of 260 yuan / ton - discount 230 yuan / ton, good copper newspaper discount 180 yuan / ton - discount 130 yuan / ton, the transaction price was 47240 yuan / ton - 47500 yuan / ton
.

In terms of industry, Escindida, the world's largest copper mine, produced 77,000 tons of copper in January this year, falling short of the target output of 102,000 tons
, according to company documents.
From the analysis of the mine's January production, it can be seen that although it was deeply affected by the strike, the actual production affected by the copper mine was relatively limited, and it was not as serious
as the previous market expected.
It can be seen that the copper market rebound is not supported by the strike, and the root cause is still a shift
in fundamentals.
In addition, AMNT issued a statement saying it had been granted permission to export 675,000 tonnes of copper concentrate and said it would immediately resume export activities and resume mining operations
in Batu Hijau.
Indonesia's mining ministry said on February 17 that it would allow Freeport and AMNT to export copper concentrate, and the freeport still claims export restrictions and has adjusted its production forecast
for the first quarter of this year.

Overall, copper prices fluctuated slightly, but considering that the supply and demand side of the copper market has indeed improved, and the traditional consumption season is coming, it is still recommended to buy
on the dip.
Domestic PMI data will be released on Wednesday, and the Federal Reserve will release the Beige Book of economic conditions in the early hours of Thursday Beijing time, waiting for data guidance
.