Copper prices revised slightly upwards to rise above the daily moving average

In terms of the external market, London copper opened at 7020 US dollars / ton, after the opening London copper slightly rose to the intraday high of 7037.
5 US dollars / ton, as the dollar rushed around 90.
5, metal bulls took profits, London copper fell back, the center of gravity stepped down, fell below the 7000 US dollars / ton integer mark, tested down to 6975 US dollars / ton, after entering the European session, London copper stopped falling and stabilized, slightly rose back to the daily moving average, as of 17:14, London copper reported 6995 US dollars / ton
.
During the day, the trend of London copper first rose and then declined, and the strong US dollar made London copper run below the moving averages as a whole, and it is expected to continue to be weak
.

In terms of the market, the dollar rose overnight and the metal fell, Shanghai copper fell by more than 500 yuan / ton, the plate has not yet shown signs of low recovery, and coinciding with the end of February, some holders have financial pressure, intraday market dumping volume is more concentrated, the willingness to cash is urgent, so the morning market quotation did not show the phenomenon of the high report and low go in previous days, the opening of the good copper on the discount of 120 yuan / ton all the way down to the discount of about 140 yuan / ton, flat water copper morning market quotation is still at the discount of 180 ~ 170 yuan / ton struggle, However, domestic Lufang and other flat water copper has been actively adjusted to a discount of 200~190 yuan / ton, and only low-priced sources are favored
.
Subject to the financial pressure at the end of the month, traders are cautious in entering the market although they are actively inquiring, and the price pressure is widespread, while the downstream is waiting for the market to stabilize and enter the market
after the month is crossed.
Entering March, the transaction may improve
.
In the afternoon session, the discount continued to expand slightly, the holders were eager to sell the goods for cash, thus giving the merchants who had the ability to receive the goods a larger price space to reduce the price, only some low-priced sources of goods have been traded, the receivers are mostly large traders, flat water copper newspaper discount 200-180 yuan / ton, good copper newspaper discount 160-140 yuan / ton, the transaction price is 52100-52320 yuan / ton
.

On the news front, Fed Chairman Jerome Powell's promise to raise interest rates slowly boosted the dollar, while China's official manufacturing PMI fell to 50.
3 in February, falling to a 19-month low, with production and new orders indices falling significantly, and spot market demand has not yet recovered, and non-ferrous metals continue to pullback
.
From the perspective of futures, the main MACD and KDJ golden cross of Shanghai copper, the price of short-term attack on the 60-day moving average after failure or will pull back to gain momentum
.