Insufficient impulse energy on copper Wait for external guidance

In the external market, Apanlon copper opened at 5857.
5 US dollars / ton, and rose short-term after the open, reaching a high of 5870.
5 US dollars / ton
.
As the European Union said that the UK did not come up with a plan on the Brexit issue, the market risk aversion was strong, the pound also fell against the US dollar, the US dollar rebounded higher, copper prices began to fall after 9 o'clock, the center of gravity fell to 5850 US dollars / ton and 5840 US dollars / ton when two brief consolidations, but could not change the decline in copper prices, before the European market to test 5826.
5 US dollars / ton and slightly rebounded
.
After entering the European session, the market risk aversion drove the dollar index up, causing copper prices to quickly test down at $5803.
5 / ton, hitting the $5800 mark
.
Subsequently, although copper prices rebounded, it was difficult to change the weak trend within the day, and the center of gravity of copper prices remained around
5810 US dollars / ton.
As of 16:30, London copper closed at $5814/ton, down 0.
7%.

In terms of the market, Shanghai copper fell back to 47,300 yuan / ton under pressure
.
On the first trading day after the change of month, the holder's willingness to raise the price is strong, the market quotation starts from 130 ~ 160 yuan / ton of premium, traders want to receive the goods at a low price, some flat water copper can be pressed to around 120 yuan / ton, active buying to maintain enthusiasm, good copper is difficult to have room for price reduction, and then it is difficult to raise again, stalemate in the premium 150-160 yuan / ton range, downstream continue to maintain rigid demand, wet copper is up to about 90 yuan / ton, wet copper is difficult to find a low-price source
。 From the perspective of market supply, the supply of goods is not abundant, and it is difficult to hold optimistic expectations for the arrival of the market in the future, traders still have the willingness to replenish goods before delivering long orders this month, the trading initiative of the market may still be in the hands of cargo holders, and the pattern of high premium water is difficult to change
for the time being.
In the afternoon, the price fell slowly, although the market transaction was limited, but still could not stop the willingness of the holders to continue to raise the premium, because the market imported copper continued to not impact the domestic market, spot holders inventory is limited, so the willingness to raise prices before the National Day is strong
.

The overall stability of the intraday daily session, the fluctuation range is small about 160 yuan / ton, mainly because the macro positive information has basically been digested by the market in recent days, the market is waiting for the Fed's interest rate cut guidance this week, so as to further judge the trend of the US dollar, and then affect the copper market
.
Shanghai copper continued to close the solid big black column during the day, the upper pressure Bollinger upper band, KDJ indicators formed a dead cross, and the impulse energy on Shanghai copper was insufficient
on the technical side.
Wait for the guidance of the external market to test whether Shanghai copper can continue to stand at the 47,300 yuan / ton mark
.