Copper prices may rebound in the short term, and the long-term trend remains to be seen

In terms of external trading, London copper opened at 4851 US dollars / ton, the Asian session London copper short-term low to around 4827 US dollars / ton, then the two markets opened high, the surrounding metals all rose, London copper bears have closed their positions to avoid risk, leading copper prices to low back up, the European session continued to rise to recover the daily average, the high touched 4856 US dollars / ton, as of 17:15, London copper reported 4820 US dollars / ton
.
On all moving averages on the intraday London copper station, the US dollar is strongly suspended, supporting the rebound in copper prices, and London copper is expected to test the 10-day moving average support, running
within $4820-4860/mt.

On the macro front, entering mid-September, the atmosphere of the copper market has changed dramatically, and copper prices have changed their previous heavy downward trend and recovered half of the decline since the downturn in July
.
From a time-by-time perspective, this is related to China's better-than-expected economic data in August, and China's copper inventories fell to a low point and the import window opened, which provided impetus
for the rebound in copper prices.
However, considering that the global economy is still facing many problems, it is difficult to find upward momentum in the short term, which is difficult to provide sustained upward momentum for copper prices, and the future market remains to be seen
.

In terms of news, Russia said that it was ready to freeze production or even reduce production to promote international oil prices, U.
S.
crude oil rose 2.
93%, Brent crude oil rose 2.
27%, both updated the new high price of the year, crude oil prices once provided a driving effect
on copper prices.

In terms of the market, Shanghai copper rebounded sharply on Tuesday, more than 38,000 yuan / ton of transactions are slightly lacking, the market mentality has been differentiated, the proportion of mid-range copper and flat water copper, wet copper and other markets has increased, and the supply is sufficient, especially after the Shanghai copper trend rebound is slightly weak, low-end copper holders have a strong willingness to cash out, and more adjust prices and shipments after entering the main trading session to seek transactions, the proportion of good copper is small and still maintains a strong quotation, and flat water copper opens the price difference, the overall copper premium strong mentality is slightly insufficient
compared with yesterday.
After the downstream needs to replenish after the holiday, the fear of heights to enter the market is relatively limited, and the transaction is mainly
based on middlemen.
In the afternoon session, the market was further raised, the market flat water copper and wet copper is more lack of interest, the holder of the price is weak, take the initiative to reduce the premium, but the inquiry is few, the transaction is lighter, the market oversupply characteristics are obvious
.

On the whole, the short-term macro is relatively loose and the consumption season is expected, copper prices may rebound, but considering that the global economy is still weak, copper fundamentals are difficult to change the state of excess, and the situation of copper price range volatility is still difficult to change
.