Shanghai copper continues to be weak as the dollar index continues to rise

On the industry front, Peru's copper production fell 12.
6 percent to 201217 tonnes in January, the lowest since
July, according to Bloomberg.

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 130 yuan / ton - 30 yuan / ton - 30 yuan / ton, flat water copper trading price of 49730 yuan / ton - 49830 yuan / ton, and the trading price of premium copper 49870 yuan / ton - 49950 yuan / ton
.
Shanghai copper continued to be sorted out at 49,900 yuan / ton
.
The spread of the next month contract maintained a back structure, and the near strength and far weak structure expanded to around 150 yuan / ton, which made the market quotation continue to decline
.
In the morning, the willingness of holders to exchange cash is very strong, the quotation of flat water copper discount within 100 yuan / ton, good copper quotation up to 40 yuan / ton or more, although the market inquiry atmosphere is positive, but the actual transaction has resistance, the market quotation further reduced, flat water copper led the decline, the quotation quickly dropped to discount 130 - discount 120 yuan / ton and there is room for price pressure, a small amount of flat water copper smell has a discount of more than 140 yuan / ton favored by the market, the transaction has improved, good copper from the liter of water 20 yuan / ton around the transaction gradually sold, However, a large number of transactions are still dragged down by the downward adjustment of Pingshui copper, concentrated on the Pingshui line, and at the same time it is smelled that there is a small amount of low-pressure discount to receive goods, and the downstream market is just need to be purchased
.

In terms of stocks, LME copper stocks were 116,875 tonnes on March 06, down 1,725 tonnes
from the previous session.
As of March 1, 2019, copper cathode stocks on the Shanghai Futures Exchange were 227,049 tonnes, up 9,255 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Shanghai copper continued to be weak during the day as the US dollar index continued to rise and China's copper inventories grew sharply, which weighed on
copper prices.
In the spot market, due to the change of the spread structure, the holders show a clear mood of selling goods for cash, and there is still room
for the discount to expand under the situation of continuous near and far weakness in the situation of concentrated trading of selling.
On the technical side, the main 1905 contract of copper is under pressure below the middle band of the Bollinger band, and the MACD indicator forms a dead cross at a high level, and the disk maintains a weak trend
.