Shanghai copper is still dominated by weak volatility in the short term

In the external market, the LME copper price rose slightly to $7220 at the beginning of the March week, and then began to fall sharply, and the end of the week fluctuated as low as $6809, closing at $6837 as of the deadline, down $242, or 3.
42%,
during the week.

In terms of the market, Shanghai nonferrous metal trading center this week copper price main trading range in the 51080-52850 yuan / ton or so, the overall discount range is C400-B50 yuan / ton, this week due to the delivery of Friday before the holiday, holders are reluctant to sell, the market supply is insufficient, the spot maintains a slight premium, after the mid-week plunge once promoted buying, Friday after the month change of spot 1803 contract discount fell back to C400-C240 yuan / ton, the market entered the pre-holiday market, downstream and traders basically holiday, The market is more risk-aversion, trading is stagnant, and the market is expected to continue until next week
.

In terms of news, affected by the sharp decline in U.
S.
stocks this week, there was a wave of asset selling in the global market, the US dollar index exceeded 90 in the middle of the week, coupled with the cold market before the domestic copper spot market entered the Spring Festival, LME copper inventories increased again, all of which had a bearish impact
on copper prices.

The Spring Festival is approaching, the margin of the futures market is about to increase, the short-term operability of the market is not strong, and the short-term copper price is still dominated by weak shock trends
.
From a technical point of view, on the week k, KDJ dead cross, MACD dead cross, the price fell below multiple moving averages, and the bullish trend was damaged; On the daily K, the Shanghai copper index MACD dead cross, KDJ dead cross, the price fell below the half-year line in a short arrangement, there is still room for decline below, temporarily focus on the support
at 51,000 yuan.