Shanghai copper bottomed out from the low level and rebounded, sharply reducing the intraday decline

In the external market, Asian Lun copper oscillated and rebounded, of which the 3-month London copper traded at 6965-6883 US dollars / ton intraday, and is now trading at 6954 US dollars / ton, up 0.
43% per day, but still running below the main moving average group, indicating heavier
selling pressure above.
In terms of positions, on March 14, the position of London copper was 310,000 lots, an increase of 153 lots per day, and the position was still mainly reduced this week, indicating that the confidence of bulls to buy long on the dip was insufficient
.

In terms of the market, on March 16, Shanghai electrolytic copper spot reported a discount of 300 yuan / ton - 240 yuan / ton for the contract of the month, and the trading price of flat water copper was 51250-51430 yuan / ton
。 Shanghai copper for month in the day, although the holder has the willingness to raise the price, but helpless to buy the previous day of the receiving traders who sold the goods early in the morning to ship for cash, flat water copper maintained stability at the discount of 300-280 yuan / ton, good copper discount of about 250 yuan / ton, the market supply is loose, traders continue to receive goods at a low price, downstream under the premise of copper price pressure of 51500 yuan / ton, intraday market receipt enthusiasm warms up, inquiry is positive, buying rebounds, holders follow the trend to raise prices, but the price increase is still limited by the supply of more cash in a hurry state
。

On the macro front, the Asian dollar index fell under pressure and is now trading around 89.
9, as the US dollar index has been volatile due to frequent personnel changes in the White House recently, and the market has focused on the final core CPI of the Eurozone for February, the US housing start in February, construction permits in February, industrial output in the United States in February and the preliminary value of the University of Michigan consumer confidence index in March
.
In terms of industry, global copper mining giant Antofagasta recently released its 2017 annual results report and predicted that the copper market will tighten in the second half of the year, and there will be a balanced or slight deficit
throughout the year.

During the day, the Shanghai copper 1805 contract was flat at 52120 yuan / ton, and the short-term market sought trading direction
between trade concerns and China's strong economic data.
In operation, it is recommended that the Shanghai copper 1805 contract can be sold high and low in the range of 51900-52800 yuan / ton, and the stop loss is 350 yuan / ton
each.