Shanghai copper fell under pressure, and the overall trading of the market was light

The LME market continued to be closed on Monday, with the main COMEX copper contract 05 under pressure and now slightly down 0.
42% to $2.
2285/lb, or $4913/mt, while the three-month LME copper closed at $4958.
5/mt before the market was closed, and is expected to open low after resuming trading tomorrow
.

Macro: Although the Asian dollar index retreated, it basically maintained the large increase recorded last week (weekly increase of 1.
26%), and is now trading around 96.
2, as expectations of interest rate hikes by the Federal Reserve resumed, which significantly put non-ferrous metals under pressure
.
Watch for the US PCE for February in the evening, which will provide some guidance
on the Fed's interest rate decision.

Market: Yesterday's Shanghai copper basis narrowed to less than 100 yuan in the next month, and holders continued to raise prices, and had no intention of expanding the discount
.
Pingshui copper trading is relatively active, and the discount is stable compared with last Friday, so the expansion of copper discount is limited
.
Downstream on-demand pick-up, traders are cautious, and the overall market transaction reproduces Monday's characteristics
.

The Shanghai copper 1605 contract fell to 37,510 yuan / ton under pressure during the day, partly under pressure from the strengthening of the US dollar
.
At the same time, copper inventories in the last period were close to record highs
as market concerns about rising domestic inventories continued to increase.
At present, Shanghai copper has fallen back below the moving average group, suppressing investors' long sentiment, and it is recommended to be cautious and wait-and-see
.