Shanghai copper oscillations declined, and the market showed a weak trend

In terms of industries, according to the Institute for Supply Management (ISM), the ISM manufacturing index in the United States in February was 54.
2, lower than the expected 55.
8 and the previous value of 56.
6, the lowest
since November 2016 when Trump was elected president of the United States.
This means that the growth of manufacturing activity in the United States slowed in February, faster than the market expected
.

In terms of the market, Shanghai copper continues to hover around 50,000, holders are willing to hold prices strongly, the initial quotation is at a discount of 80 yuan / ton - flat water, the market bargain buying increases, traders lead the market transaction, the morning market activity is high, a round of receipt leads to a good copper quotation quickly raised to 10 yuan / ton, but flat water copper lacks market buying, can be received at a low price, the transaction is mostly at a discount of about 80 yuan / ton, and even can be reduced to a discount of 90 yuan / ton
.

In the second trading session, traders' speculative performance continued to be proactive, mainly buying good copper, good copper continued to raise the premium around 20 yuan / ton, flat water copper remained unchanged, wet copper followed the market quotation discount gradually narrowed, the transaction was mostly around 180-170 yuan / ton, and the downstream continued to maintain rigid demand
.
The trading volume of good copper and flat water copper is polarized during the day, and the market is dominated by good copper transactions, and it is difficult for flat water copper to maintain stability and keep up
with the rise.
This week, the market gradually entered the delivery period, the price difference in the next month was about 150 yuan / ton, under the promotion of traders, the premium will continue to rise
.

In terms of stocks, LME copper stocks were 126,100 tonnes on March 01, down 2,375 tonnes
from the previous session.
As of March 1, 2019, copper cathode stocks on the Shanghai Futures Exchange were 227,049 tonnes, up 9,255 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

The Shanghai copper shock weakened during the day, as macro positive factors were gradually digested by the market, and the impact of continued high domestic inventories, copper prices fell
from a high level.
In the spot market, downstream continues to maintain rigid demand
.
Good copper, flat water copper trading polarization, the market is dominated by good copper transactions, this week the market gradually entered the delivery period, under the leadership of traders, the premium will continue to rise
.
On the technical side, the main 1904 contract of copper fell to near the 10-day moving average, the MACD indicator red column further shrank, the disk showed a weak trend, and the short-term focus on the support near the 10-day moving average
.