Market consumption is still weak, and Shanghai copper continues to decline under pressure

In the external market, Asia Lun copper fell under pressure, of which the 3-month London copper traded at 6943-6885 US dollars / ton, and is now trading at 6894 US dollars / ton, down 0.
32% per day, still running below the main moving average group, indicating that the upper selling pressure is heavier
.
In terms of positions, on March 1, the position of London copper was 311,000 lots, a daily decrease of 405 lots, indicating that funds continued to flee the copper market
after copper prices fell.

On the macro front, the Asian market dollar index fluctuated in a narrow range around 90, indicating that its rebound was weak, China's two sessions were held, and some economic indicators in the government work report were expected to be about 3% CPI growth target in 2018; GDP growth is expected to be around 6.
5%; The budget deficit rate is 2.
6%.

Watch for the Eurozone, UK and US Markit services PMI and composite PMI final for February, along with 23:00 US February ISM non-manufacturing data
.
On the industry front, Canadian miners announced that they will develop a large Chilean copper mine business by acquiring a 100% stake
in the Cristal mining project in northern Chile.

In terms of the market, on March 5, Shanghai electrolytic copper spot traded at a discount of 170 yuan / ton - 120 yuan / ton for the monthly contract, and the transaction price of flat water copper was 51680-51820 yuan / ton
.
Today's selling sentiment has eased, which clearly shows that the financial pressure has eased
.
The morning market quotation is relatively stable, good copper quotation tends to stabilize at the discount of about 130 yuan / ton, flat water copper is still slightly different, South Korean copper, Japanese copper, Lufang and other morning market high can be pressed to discount 180 yuan / ton -170 yuan / ton to receive, for the downstream replenishment expectations, wet copper holds the discount 270 yuan / ton -260 yuan / ton, a small amount of pressure price received at the discount 290 yuan / ton -280 yuan / ton
.
In the second trading session, the market fell back to 100 yuan, the market has been difficult to find low-priced sources, holders continue to hold prices, waiting for the return of the downstream, intraday transactions are still dominated by large traders receiving goods
.

During the day, the Shanghai copper 1805 contract fell under pressure to 52120 yuan / ton
.
In the short-term copper competition, the short side wins, destroying its rebound pattern
.
It is recommended that Shanghai copper temporarily focus on technical trading, 1805 contract can be backed by 52700 yuan below the sky, the entry reference around 52000 yuan, the target focus on 51500 yuan / ton
.