Shanghai copper has not shaken off the volatile pattern

In terms of the external market, London copper opened at 4832.
5 US dollars / ton, the Asian session around the daily moving average slightly sorted, intraday down to the low of 4820 US dollars quickly retraced back to touch the daily average, the afternoon by the weakening of the US dollar boosted slowly rebounded, but the rise of 4849 US dollars is still significantly blocked, under pressure 5-day moving average rapid leakage, tested down 4806 US dollars, below the 40-day moving average, as of 18:00, London copper reported 4806.
5 US dollars / ton
.

On the macro front, weak U.
S.
employment data on Friday triggered a sharp drop in the dollar index, and Japan's weaker-than-expected stimulus package on Tuesday also sent the dollar down, which supported a rebound in copper prices for a while, but since then the Bank of England's QE policy has exceeded expectations, the dollar has been supported again, and copper prices have fallen slightly
.
Markets are now focusing on Friday's U.
S.
employment data for signs of future U.
S.
interest rate hikes, and copper is also waiting for clarity on the dollar after the fall
.

In terms of the market, the Shanghai-London ratio rose to the 7.
78 line in the morning, which was conducive to import profits, and the market showed a large increase in the number of goods and a strong
willingness to exchange cash.
Although the quotation of good copper in the morning market is still strong at about 170 yuan of premium, the quotation of copper in the premium is 50-70 yuan / ton, and the quotation of Peru, Poland, Japan, etc.
is 100-120 yuan / ton, but due to the prevalence of dumpers, few receivers, and the characteristics of oversupply, the holders take the initiative to lower the quotation, and in the second trading session, it has been seen that the good copper quotation is about 150 yuan / ton, and the low-end flat water copper such as Germany and Canada copper returns to the premium 40-50 yuan / ton line.
Wet copper is also due to lack of interest, from a small liter of 10 yuan / ton back to the discount of 20 - discount 10 yuan / ton
.
Next week is close to delivery, the basis of copper next month is still within 100 yuan, and the spot premium of 150 yuan / ton is a higher spot premium level
in the year.
The center of gravity of copper is gradually moving down, the willingness to cash in is getting stronger, and the high water level next week is expected to be difficult to maintain
.
In the late afternoon, the copper plate rose slightly, and the holders continued to actively ship, reducing the premium to facilitate the transaction, reporting a premium of 30-150 yuan / ton
.
However, downstream and traders still did not move, and the transaction price remained stable at 37530-37690 yuan / ton
under the slight drop in premium.

Shanghai copper fell 37500 in the day after failing to continue to fall, the surface of the current bears do not have an absolute advantage, although low open high to close the Yang line, but Shanghai copper did not get rid of the pattern
of shock fall.
Shanghai copper should still maintain the idea of rebounding short in the short term, and it is not suitable to chase short
if the decline is not smooth.