Market sentiment is warm, and copper prices remain strong

Externally, during the Asian session, London copper opened high at 6480 US dollars / ton, after the opening affected by the fall in crude oil, copper prices quickly fell to the daily average and continued to come under pressure, before noon to test down 6449.
5 US dollars / ton, the center of gravity in the afternoon pullback, up to the daily average above 6463 US dollars / ton around oscillation, then into the European session, bulls re-entered the market, copper prices quickly pulled up to around 6487 US dollars / ton, tested higher 6498 US dollars / ton, as of 17:30, London copper reported 6487 US dollars
。

In terms of the market, overnight domestic and foreign copper prices showed a high correction, intraday Shanghai copper fell from above 50,000 yuan to 49,900 yuan / ton line, the entire market inquiry in the morning was active, trade speculators have a certain buying intention for low discount sources, transaction activity has improved, downstream bargain hunting active buying has also increased
.
The intraday market trading performance picked up, the market fell and pulled back, the downstream bargain buying increased slightly, and the market transaction began to show a positive atmosphere
.
In the afternoon, there are few holders in the market who are eager to sell goods for cash, but the market inquiry is still active, mainly speculators are willing to buy positively, so the afternoon discount has narrowed, it is difficult to have room for price reduction, and it is difficult to find low-priced goods
.

Be wary of an increase in LME copper stocks by 625 tonnes to 133,000 tonnes
.
Pay attention to the expectation of 1.
253 million housing starts in the United States in December, down from 1.
256 million in the previous month, and the US Chamber of Commerce consumer confidence index expected 124 in February higher than the previous value of 120.
2
.
Wait for guidance from the US index and crude oil to test whether London copper can once again break through the $6500/mt mark
strongly.

The main contract of Shanghai copper closed negative during the day and elongated the lower shadow, supported by the 5-day moving average below, showing signs of a pullback to recover the gap that appeared on the previous day, and it is necessary to be wary of the "dead cross" signal
that the KDJ indicator is about to form.
Wait for the guidance of the external disk to test whether the main force of Shanghai copper can break through the 50,400 yuan / ton position
.

Recently, the supply side of overseas mines has frequently interfered, copper mine supply has tightened more than expected, superimposed on the expectation of warming demand, Shanghai copper fundamentals are strong, while Sino-US trade disputes are in a state of relaxation, with the gradual clarity of the trend of economic and trade negotiations, market sentiment is warm, it is expected that copper prices will maintain a strong pattern, Shanghai copper early long orders continue to hold
.