Market consumption is weak, Shanghai copper shock pullback

In terms of the external market, London copper opened at 5931.
5 US dollars / ton, after the opening along the daily moving average, after the upper lead pierced the 5-day moving average, under the pressure of the 20-day moving average, the bulls closed their positions dragged copper prices back down, and then with the weakening of the US dollar, the short cover led copper prices to rise again near the daily moving average for a short stay, after the 5-day moving average was blocked, the bulls took profits outflow, copper prices tested lower again, low touched 5898.
5 US dollars / ton, entering the European session, copper prices tried to rebound, returning to near the daily moving average, as of 17:00, London copper at $5920/mt
.
Intraday copper is still oscillating between moving averages, weak in the Asian session, limited recovery in the European market, temporarily oscillating in the range, before Trump's speech, the market remains cautious and waits for guidance
from the speech.
In the short term, London copper is expected to remain in the original range, focusing on the annualized quarterly revised value of US real GDP in the fourth quarter, Chicago PMI in February, and the Chamber of Commerce Consumer Confidence Index
in February.

On the macro front, the president of the Dallas Fed, who has the voting rights of the 2017 FOMC, said that it is better to raise interest rates sooner rather than later, which justifiably strengthens the dollar, and the Fed funds rate futures show that the probability of the Fed's March rate hike soared to 50%, and the dollar trend in the later period is worth watching
.
Domestically, the central bank continued to withdraw 50 billion yuan on a net basis, and the shibor rose across the board, and the capital was still tight
.

In terms of the market, Shanghai copper flat finishing, the last trading day of the end of the month market trading is relatively quiet, the current copper discount is basically the same as yesterday, the market supply brands are diverse, speculators absorb a small amount of low-priced sources, or some low-priced warehouse receipts, the market receiver is still trading at a low price, the underwater expansion of good copper stickers is large, the downstream sporadic entry into the market, the characteristics of the end of the month are more obvious
。 In the afternoon session, the market is low consolidation, the market has entered the monthly settlement, the market transaction activity is further reduced, the market transaction is rare, the quotation is basically the same as in the morning, flat water copper quotation discount 260 yuan / ton - discount 230 yuan / ton, premium copper quotation discount 240 yuan / ton - discount 140 yuan / ton, the transaction price is 47280 yuan / ton - 47580 yuan / ton
.

On the industrial front, Freeport on Monday re-emphasized its tough stance against the Indonesian government, which is still in the game with Indonesia, with the two sides still having 120 days to resolve the dispute, and if it still cannot reach an agreement, the company will file an international arbitration
.
Since mid-January, Grasberg has been unable to export copper
.

Overall, copper prices fluctuated slightly, but considering that the supply and demand side of the copper market has indeed improved, and the traditional consumption season is coming, it is still recommended to buy
on the dip.
Domestic PMI data will be released on Wednesday, and the Federal Reserve will release its Beige Book on economic conditions in the early hours of Thursday Beijing time, waiting for further guidance
on the news.