Lack of obvious positive support in fundamentals The trend of Shanghai copper continues to be weak and cautious

In terms of external trading, LME copper opened slightly higher at $6,666 in March and fell sharply, the price bottomed out after falling to $6,532, and rose to $6,600 and then fell back under pressure again, closing at $6,566 in Asia, down $83, or 1.
25%.

In terms of the market, domestic spot copper prices continued to fall, Yangtze River Nonferrous Metal Network 1# copper price was reported at 48940 yuan / ton, down 850 yuan, copper discount 190-discount 130; Guangdong spot 1# copper price was 49160 yuan / ton, down 830 yuan; Yangtze River spot 1# copper price was reported at 48980 yuan / ton, down 860 yuan, copper discount 140 - discount 120; Shanghai spot 1# copper price was 48825 yuan / ton, down 965 yuan
.
In the short term, the sharp decline in copper prices has made the market wait-and-see sentiment heavier, and it is difficult to boost the willingness to receive goods, but the holders have raised prices, the premium is relatively stable, and the overall trading situation is average
.

Fearing that protectionist policies are dragging down the pace of global economic growth, thereby curbing demand for industrial goods, the fund's net long position in COMEX copper futures has rapidly decreased, deepening the decline in copper prices
.
In addition, Chile's state-run copper company Delco said it had reached an agreement with unions in the Ministro hales mine in northern Chile to ease supply doubts
.
At present, the macro is weak, and the fundamental lack of obvious favorable support, the trend continues to be weak and cautious
.