Shanghai copper decline risk weakened boosted by Chinese economic data

In the external market, the Asian market London copper oscillated and rebounded, of which the 3-month London copper traded at 7010-6925 US dollars / ton, now trading at 6983 US dollars / ton, up 0.
45% per day, but still running below the main moving average group, indicating that the upper selling pressure is heavier
.
In terms of positions, on March 12, the position of London copper was 309,000 lots, a daily decrease of 1,185 lots, which was a two-day consecutive decline, indicating that the confidence of bulls to buy long on the dip was insufficient
.

In terms of the market, on March 14, Shanghai electrolytic copper spot contracts reported a premium of 20-70 yuan / ton for the month, and the transaction price of flat water copper was 51400-51580 yuan / ton
.
Shanghai copper is about to be delivered, the next month price difference continues to expand to 320-350 yuan / ton range, holders continue to raise water, flat water copper premium 10-20 yuan / ton favor is high, the receipt is enthusiastic, good copper premium 40-50 yuan / ton, the performance is also more active than the previous two days, especially traders with financial ability to enter the market to receive goods, good copper flat water copper equal, downstream continuous receipt, maintain enthusiasm
.
After 11 o'clock, the market continued to rise, the spread expanded to about 360 yuan / ton, traders led the market transaction, approaching delivery, the large spread provided a basis and basis
for the improvement of market activity.

On the macro front, the Asian dollar index continued to oscillate at a low level and is now trading around
89.
7.
In addition, a number of economic indicators released by China were stronger than expected, dispelling the market's concerns about the slowdown in China's economic growth, especially the added value of industries above designated size increased by 7.
2% year-on-year in January-February; Urban fixed asset investment increased by 7.
9% year-on-year, both stronger than expected and the previous value, which greatly boosted market investment sentiment
.

In terms of sectors, shares of Chile's Antofagasta mining company rose
strongly.
Chilean copper producers nearly tripled
spending last year after rising metal prices and improved cost controls.
In the coming year, the company expects quarterly production to increase
.

During the day, the Shanghai copper 1805 contract oscillated to 52330 yuan / ton, mainly boosted by China's stronger-than-expected economic data, paying attention to the reaction of the external market, and suggesting that Shanghai copper short-term operations should be cautious
.
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.