Copper prices quickly fall back after soaring, waiting for the direction of the market to be clear

Externally, boosted by China's official manufacturing PMI index, London copper opened high at 5542.
5 US dollars / ton, during the Asian session, London copper short-term rushed back down, back to the daily average to get support, then China announced that Caixin manufacturing PMI in December 51.
9, the highest since January 2013, bulls have poured in, copper prices pulse up, the high touched 5616 US dollars / ton, touched the 40-day moving average after falling, Asian late session with the dollar sharply pulled, The center of gravity of London copper fell back to the daily moving average of 5584 US dollars / ton consolidation, as of 18:05, London copper reported 5599 US dollars / ton
.
Intraday copper high volatility, the center of gravity overall upward, the beginning of the year bulls tentatively intervened, 5600 US dollars effective breakthrough is still difficult, buying force is not resolute enough, the upper 40-day moving average pressure, is expected to still run in the short term in the range of 5530 US dollars / ton - 5600 US dollars / ton
.

On the macro front, China's Caixin manufacturing PMI in December was 51.
9, the highest since January 2013 and beat expectations of 50.
9, some analysts believe that China's economy continued to improve in December, but the sustainability of replenishment and price increases is in doubt, and the actual stabilization of the economy needs further observation
.
In terms of industry, Peru's copper production in November soared 32.
82% from the same period last year to 211,000 tons, and the increase in production was mainly due to the commissioning of new mines and the expansion of copper mines, and the country's copper production from January to November increased by 42.
3% year-on-year to 2.
369 million tons
.

In terms of the market, Shanghai copper jumped high and rebounded more than 600 yuan / ton, on the first day of New Year's trading, holders had no financial pressure, and the copper discount was significantly narrower than before the holiday, but the intraday high report and low move showed that the market was temporarily difficult to recognize the low discount state
.
Open good copper newspaper discount 80-discount 90 yuan / ton, flat water copper newspaper discount 130-discount 120 yuan / ton, speculative plate operation is cautious, do not recognize too fast narrowing discount quotation, at the same time downstream is also afraid of 46,000 yuan / ton of plate, most of them are mainly consumption inventory, the overall consumption of the market has not seen recovery
.
With the intraday rise, holders increased shipments, before and after the intersessional break, good copper quotations slipped to discount 130-discount 110 yuan / ton, flat water copper also fell to discount 180-discount 160 yuan / ton, speculative buying slightly into the market
.
The main body of the copper market transaction in the day is the middleman.

In the afternoon session, the plate diving, the willingness of holders to exchange cash increased, the discount continued to expand, flat water copper newspaper discount 200 yuan / ton - discount 150 yuan / ton, premium copper newspaper discount 150 yuan / ton - discount 120 yuan / ton, the transaction price was then lowered to 45350 yuan / ton - 45770 yuan / ton, traders bargained to the market to absorb low-priced sources, downstream still reacted weakly, quotations obviously began to loosen
.
Overall, copper prices are currently near the dense moving average area, waiting for the market to clear
for the time being.