Shanghai copper fell for three consecutive days, and the short-term trend should not be too pessimistic

In terms of external trading, Asia Lun copper fell for the fourth consecutive day, of which the 3-month LME copper fell 0.
46% to $4909 / ton at the close of the Shanghai copper market, but copper prices are still effectively running above M200, and the overall pullback is limited, the short-term rebound pattern remains good, and the technical support below the day focuses on 4900 US dollars / ton
.

On the macro front, the Asian dollar index tumbled 0.
7% to around 93.
7 as the Fed kept interest rates unchanged as scheduled, but base metals have reacted muted
.
In addition, sentiment in the commodity market has declined
due to the recent efforts to crack down on speculation by trading firms stabilizing the trend of black futures.

In terms of the market, Shanghai electrolytic copper spot reported a discount of 150-100 yuan / ton during the day, and the transaction price of flat water copper was 36980-37100 yuan / ton
.
Now copper continues to narrow
in discount.
Although supply is higher than yesterday, the narrowing of the discount reflects that holders still have expectations
for downstream pre-holiday stockpiles.
However, due to the tightening of funds at the end of the month, the actual transaction is relatively limited
.

Overall, Shanghai copper 1607 fell under pressure to 37280 yuan / ton, and the performance continued to resist the decline of ferrous metals, which is a normal technical pullback market
.
In view of the fact that the copper rebound pattern still exists, and the US dollar index remains relatively weak, it is not advisable to be too bearish in the short term, but can try to hedge operations, that is, buy colored and sell black
.
In addition, as far as Shanghai copper itself is concerned, it is recommended that the CU1607 contract be cautiously long above 37,000 yuan, and the first resistance is to focus on 38,000 yuan
.