Shanghai copper holiday repaired low opening decline market trading is still light

In terms of external trading, London copper opened at 5784.
5 US dollars / ton, after the opening London copper stopped near the daily moving average, and then domestic bulls have increased their positions in, copper prices rose sharply, after breaking through the 60-day moving average, because the upper is still subject to the pressure of the 5, 10-day moving average, copper prices began to consolidate around 5840 US dollars / ton, in the afternoon, with the further rise of the domestic black series, copper prices broke through the upper moving average suppression, touching as high as 5865 US dollars / ton, and backed by the Bollinger Road mid-track consolidation, as of 17:0 0, London copper reported 5849.
5 US dollars / ton
.
In the later period, under the influence of the southern copper strike and the expected improvement in consumption, the trend of London copper is expected to be strong, testing the support of the Bollinger Road mid-band, paying attention to the change in ADP employment in March, the final value of the Markit service PMI in March, and the ISM non-manufacturing index in March
.

On the macro front, the latest data showed that durable goods orders increased by 1.
8% month-on-month in February, better than the previous reading of 1.
7%, and strong growth in aircraft-related orders continued to be the main reason
for the surge in durable goods.
U.
S.
factory orders rose 1% month-on-month in February, better than expected by 0.
9%, with new orders rising for three consecutive months, signaling a solid
pace of manufacturing recovery.

In terms of the market, on the first trading day after the return of the small long holiday, Shanghai copper opened low but gradually recovered, the price difference of the next month still existed about 200 yuan / ton, after the cross-month financial pressure eased, the holders did not hesitate to close the discount, the morning market quotation remained firm, the good copper quotation began at a discount of about 10 yuan / ton, flat water copper began to discount about 70 yuan / ton, the discount narrowed widely, the plate was still at a low level of volatility, the willingness of middlemen to buy cash and sell was blocked, although the market inquired more but the buying lackluster response was little, the spot quotation in the second trading session was slightly loosened, Individual imported copper has a discount of 100 yuan / ton quotation, if good copper can loosen the discount of 30 yuan / ton to buy orders quickly, wet copper is still tight and strong, and the price difference with flat water copper is about
30 yuan / ton.
The market has not seen the phenomenon of low replenishment after the downstream holiday, and middlemen are mostly on the sidelines
.
The quotation attitude of the cargo holders first tightened and then relaxed, and the supply and demand showed a stalemate
.
In the afternoon, the market continued to rise, due to the factor of the price difference in the next month, the holders maintained the quotation, speculators and the downstream were in a wait-and-see state, the market transaction was few, flat water copper reported a discount of 90 yuan / ton - discount 60 yuan / ton, a premium copper discount of 50 yuan / ton - a discount of 10 yuan / ton, the transaction price was 47130 yuan / ton - 47320 yuan / ton
.

In terms of industry, the Salvadoran parliament voted on the 29th of last month to pass a bill banning the mining of metal
mines.
This means that all exploration, refining and processing
of metals, whether above or below ground, is prohibited.
Although the early Escondida and Grasberg strikes are over, supply-side problems continue, and Southern Copper is also at risk
of a strike in the near future.
Southern Copper wants to dissuade workers at its Toquepala and Cuajone copper mines in Peru from going on strike this month, following news that the union plans to start an indefinite strike on April 7 or 10, and the Toquepala and Cuajone copper mines in southern Peru produced about 310,000
tons of copper last year.

On the whole, considering that the supply and demand side of the copper market has indeed improved, coupled with the arrival of the traditional consumption season, the performance of copper prices in the peak season is still optimistic, and trading is still mainly looking for good buying opportunities
.
The Fed's FOMC released the minutes of its March monetary policy meeting in the early hours of Thursday morning, and the March non-farm payrolls data will be released on Friday, awaiting guidance on further data
.