Copper prices stabilized at a low level and operated in a narrow range

Externally, LME copper opened slightly lower in March, then fluctuated as low as $5,832.
5, and the price rebounded in the afternoon to briefly hit $5,856 under pressure and fell back down, and finally closed at $5,850, closing flat
.

In terms of the market, the market trading in the morning mainstream trading session is active, due to the recent large amount of overseas inventory delivery, resulting in a decrease in the circulation of imported copper, spot copper has maintained premium quotations, holders continue to hold prices, large traders for the delivery of long orders to receive a small amount, downstream also took advantage of the copper price pullback to replenish the stock at a low level before the weekend, the overall market transaction is active
.

On the news front, copper warehouse receipts have increased to 213,900 tonnes since June 28, with most of the increase coming from Asian warehouses, which has led to a sharp decline in copper prices recently
.
At present, the spot discount of London copper has reached $24, indicating that consumption is not optimistic, but the strike of two copper miners under Chile has a certain support for copper prices
.

From the perspective of futures disk, Shanghai copper fell below the half-year line downward, MACD gold cross but red column narrowed, KDJ high dead cross, the price has stabilized and rebounded near the 20-day moving average, it is expected that short-term prices will operate in a narrow range here, continue to pay attention to downstream procurement
.