Global risk aversion remains heavy and copper rises in unfavorable periods

Externally, Apanlon copper opened higher at 5829 US dollars / ton, shortly after the opening due to China's CPI data performance neutral, PPI data less than expected, copper prices weakened, testing lower 5818.
5 US dollars / ton, but then as the market expects Fed Chairman Powell's speech is expected to guide the interest rate cut operation, and the market still has greater hopes for this month's interest rate cut, so the dollar has come under pressure to weaken, boosting copper prices upward, bulls entering the market also began to be active, copper prices all the way up to break through the upper 5-day moving average pressure level , as of 16:20, London copper was reported at $5881 / ton, up 1.
05%.

Overnight, the US index tested 97.
6 position, London copper led the decline, Shanghai copper followed the gap low open, copper price broke 46000 yuan / ton lower, copper around 45800 yuan / ton ~ 45900 yuan / ton range oscillation
。 After the market fell to attract downstream enterprises to replenish the low, the market inquired actively in the morning, the holder quoted a premium of 50~100 yuan / ton, traders can trade at a low price, flat water copper concentrated transaction at 40~50 yuan / ton, good copper stable around 90 yuan / ton; The enthusiasm of some downstream bargain-hunting replenishment has slightly increased compared with the previous two days, and wet copper has been discounted by 30 yuan / ton since the morning market, and has narrowed to 10 yuan / ton ~ flat water
at the afternoon market.
The decline in copper futures stimulated some companies in the market to buy on the dip, downstream transactions warmed up, and trade flow activity also increased, which kept spot premiums stable
.

As the market's expectations for the Fed's interest rate cut at the end of the month remain high recently, although last month's US non-farm payrolls data greatly boosted the market's confidence in the US dollar, it is impossible to ignore the current deflation problem
in the United States.
In addition, the recent strong recovery of crude oil is also expected to boost metal prices
.
At present, London copper stopped falling for 4 consecutive negatives, and the upper part is expected to break through the resistance of the 5-day moving average, and the KDJ indicator performed favorably to the upside
.
Wait for guidance from the US dollar and crude oil to test whether London copper can test 5900 US dollars / tonne
.

Shanghai copper overall in a low volatility pattern during the day, the overall performance of the market is short positions, mainly due to the recent weakness of the European economy, the unknown prospect of Brexit, the pound fell sharply, and the market waited for the speech of Federal Reserve Chairman Powell to judge the expectation
of interest rate cuts.
The latest PPI data was less than expected, the overall macro situation was uncertain, and global risk aversion was still heavy, which was not conducive to the upside
of copper prices.
Copper prices continue to fluctuate near the 46,000 yuan / ton mark, the current Shanghai copper K-line has lost all moving average support, MACD green column continues to lengthen, the technical situation is still bearish copper prices
.