Copper prices range-bound rebound is still weak

Externally, London copper opened at 5799 US dollars / ton, after the opening London copper fluctuated near the opening price, the high touched 5818 US dollars / ton, the upper subject to the pressure of the 5-day moving average, and then the bulls chose to close their positions, the center of gravity of copper prices moved down to around 5796 US dollars / ton, in the afternoon, with the dollar index higher, London copper opened a new round of decline, the low recorded 5769 US dollars / ton, and then with the US index fell back, as of 16:25, London copper was reported at 5782 US dollars / ton
。 During the day, London copper fluctuated widely, the upper moving average was intensively pressured, and it was difficult for London copper to return to rise, and it is expected that it will still be dominated by shock in the later stage, testing the resistance
of the 5-day moving average.
Pay attention to data such as the March Conference Council's Consumer Confidence Index
.

In terms of the market, Shanghai copper low rise, the market mainstream trading range fluctuations are more limited, the current copper quotation level is basically the same as the previous day, the end of the quarter factors contain the market trading, the supply is abundant, but wet copper sources are difficult to find, speculators and downstream are still subject to the end of the month and the end of the quarter factors, few into the market trading, the oversupply pattern is obvious, the afternoon session of the market volatility falls, the market trading is still light, the quotation of the holder is basically the same as in the morning, flat water copper report discount 190 yuan / ton - discount 170 yuan / ton, Good copper newspaper discount 170 yuan / ton - discount 140 yuan / ton, the transaction price is 46260 yuan / ton - 46480 yuan / ton
.
As the end of the month approaches, the copper discount now has a further expansion trend
.

In terms of industry, the International Copper Research Group said in an industry chain forum that the current growth rate of mine capacity exceeds the growth rate of production, and the release of new capacity is not as smooth as expected, so the entire capacity utilization rate is slowing down
.
At the same time, it said that there were almost no new copper mines or expansion in 2017, and if copper prices did not stabilize in 2017-2019, it could lead to delays in the start of copper mine projects and project cancellations
.
In addition, Escondida copper miners will return to the mine from Wednesday to Thursday, a workers' strike that lasted 44 days
.
Cerro Verde copper miners are scheduled to negotiate their salaries on March 29
.
After the previous strike was declared illegal, the Cerro Verde copper miners began a new strike
on March 24.

Overall, considering that the supply and demand side of the copper market has indeed improved, coupled with the arrival of the traditional consumption season, the performance of copper prices in the peak season is still optimistic, and it is recommended to buy
on the dip in trading.
Beijing time will release China's official manufacturing PMI for March this Friday, waiting for further guidance
on the news.