Shanghai copper leakage is still weak in the short term

In terms of the external market, London copper opened at 5746 US dollars / ton, the beginning of the session long and short left the market one after another, copper prices around the daily average of 5758 US dollars / ton repeated consolidation, the domestic commodity market fell together, copper prices dived, probed as low as 5693 US dollars / ton, back to the 40-day moving average to get support after the low stabilized, in the range of 5715 US dollars / ton shock consolidation, into the European session, media reports that China's five major banks were allowed to reduce the deposit reserve ratio by one percentage point in stages, the central bank intervened in the market to inject liquidity measures, In fact, it is more reflective of the current extremely tight liquidity situation, as of 18:25, London copper reported 5713 US dollars / ton
.
Intran copper pulled back again, and Trump officially took office in the evening, which once again stimulated risk aversion in the market, and it is expected to run weakly, testing the support
of the 40-day moving average.

Macro, macro, this week's heavy macro events gathered, the IMF raised the 2017 economic growth forecast for China and the United States, Trump said in an interview that the dollar has been "overly strong" remarks once suppressed the dollar fell sharply, after the Federal Reserve released the economic situation Beige Book believes that the US economy is good, although the impact of macro events on the copper market can be described as long and short, but the copper market is still relatively weak
this week.

In terms of the market, the spot price of Shanghai electrolytic copper for the month was reported at a discount of 150 yuan / ton - 40 yuan / ton, the transaction price of flat water copper was 46300 yuan / ton - 46400 yuan / ton, and the transaction price of premium copper was 46360 yuan / ton and 46480 yuan / ton
.
Shanghai copper flat sorting, market participants further reduced, good copper supply is still scarce, but flat water copper brands are diverse, the price difference between brands is large, and after the second trading period due to the lack of transactions, flat water copper holders gradually adjust the price of shipments, in order to seek transactions, the overall market has begun to initially show holiday characteristics
.
In the afternoon, the plate dived, but because the downstream has basically ended the purchase, and the market quotation continues to decrease significantly, the premium copper subsidy was transferred to 100 yuan / ton - discount 60 yuan / ton, flat water copper quotation discount 150 yuan / ton - discount 120 yuan / ton, the transaction tends to be light
.
From a technical point of view, the spot market has limited support for copper prices a few years ago, and attention should be paid to avoiding the risk
of capital withdrawal at the end of the year.