Copper rushed back down short-term pullback pressure appeared

Externally: Asian Copper oscillated around 4980 US dollars / ton, of which Shanghai copper closed at the close of the 3-month LME copper slightly fell 0.
44% to 4973.
5 US dollars / ton, close to the high set on November 6 last year (4978 US dollars / ton), the current period copper effectively stabilized above the moving average group, but copper prices rose for nearly a week, short-term attention to retraction confirmation, below support focus on 4800 US dollars / ton
.

Macro: The US non-farm payrolls data for February was much stronger than expected, indicating a continued recovery in the US economy, and the dollar index was still trading around 97.
3, indicating that market expectations for the Fed's March rate hike remain weak
even if the data improves.
In addition, in the government work report of the two sessions at the weekend, the GDP target for 2016 was adjusted to a range of 6.
5%-7%, and the deficit rate was increased to 3%, which the market digested
.

Spot: today's holders in the morning quotation sluggish tangled, waiting for the market to be clear, tentative quotations to maintain last week's level, there is still a price mentality, flat water copper mainstream maintained at discount 170 - discount 130 yuan / ton, good copper discount 130 - discount 80 yuan / ton, with the fall of the plate, the market source began to gradually increase, sufficient supply, but middlemen and downstream enterprises are afraid of heights, the willingness to enter the market is delayed, and the transaction is suppressed
.

Today's Shanghai copper 1605 contract rushed back down to 38090 yuan / ton, short-term pullback pressure appeared, but because the copper rebound pattern maintained well, and the upward momentum remained, it is expected that copper prices still have room to rise, operationally recommended Shanghai copper 1605 contract can still back 37300 yuan / ton above the dip to increase long, the upper resistance to focus on 39500 yuan / ton
.