Copper remains weak in the short term, but there is limited room to continue downward

In terms of the external market, London copper opened at 6964 US dollars / ton, after the opening of London copper will open the downward mode, high open low all the way down the shock, to 6938 US dollars / ton around narrow consolidation, always under pressure below the daily moving average, in the afternoon, London copper briefly jumped to the daily moving average, climbed to 6960 US dollars failed to stand, the center of gravity turned down, after entering the European and American session, announced that LME copper stocks increased by 10,000 tons, London copper dragged down, continued to fall, fell below the 6900 US dollars / ton support level, tested down 6886.
5 US dollars / ton, as of 17 :23, London copper at $6895.
5/mt, U.
S.
crude at $61.
75/barrel, and the dollar index at 89.
983
.
Today, London copper opened high and low, the center of gravity continued to move down, overall, in the short term, London copper maintained a range-bound trend
.
The data surface is light
in the evening.

In terms of the market, the narrow consolidation of copper in the Shanghai period is in the range of 51500 ~ 51600 yuan / ton, the price difference in the opening month widens to more than 300 yuan / ton, the holder resolutely raises the quotation, good copper is fully premium, the morning market quotation is good copper premium 20 ~ 30 yuan / ton, lack of attention, after 10 o'clock good copper general reduced to 10 yuan / ton, flat water copper discount 40 ~ 30 yuan / ton, compared with good copper transaction is slightly better, downstream and traders favor higher
.
Most holders are unwilling to continue to expand the discount
.
Some large traders sold a large number of wet copper at low prices and low-end imported flat water copper discount of 140~120 yuan / ton, and the downstream received mostly goods, making other traders weak in selling goods for cash
.
Speculators are cautious, hampered
by narrow profit margins.
The overall market during the day still showed a stalemate between supply and demand, highlighting Monday's characteristics
.
In the afternoon session, the quotation remained stable, if the low-price source was still favored, flat water copper reported a discount of 40-30 yuan / ton, good copper reported flat water - premium 10 yuan / ton, the transaction price was 51380-51680 yuan / ton, the transaction was sporadic
.

In terms of stocks, COMEX copper stocks 232666 short tons as of March 9, down 98 tons from March 8; LME copper stocks were 311125 tonnes, down 3,750 tonnes from March 8; As of March 12, SSE futures inventories were 106127 tons, up 4,181 tons
from the previous day.

Workers at the Los Pelambres copper mine in Antofagasta, Chile, voted en masse to go on strike
after rejecting the latest offer from the company's collective labor agreement.
Chile's deputy finance minister, Dino Saltori, said in a statement that the union had 447 members
.
Currently, about 99 percent of workers vote in favor of a legal strike
.
The mine produced 356,300 tonnes of copper
in 2017.

Overall, domestic inventories continued to increase after the holiday, and spot supply exceeded demand characteristics
.
Coupled with the worries of the Sino-US trade war last week, the panic in the financial market has fermented, and macro bearishness has become the leading factor
.
However, downstream consumption is picking up normally, scrap copper tension is intensifying, spot support is gradually increasing, coupled with the support of copper mine strike news, contradicting macro bearishness, copper prices are expected to remain weak, but continue to have limited
downward space.
FYI
.