Shanghai copper trend is firm short-term or continue to rise

Externally, undertaking the overnight rally, London copper opened high at 5982 US dollars / ton, at the beginning of the Asian session, London copper stopped near the daily moving average for a while, Trump pointed out in his speech to Congress that he will ask Congress to approve a trillion dollars of infrastructure investment, good news to boost commodities, bulls were encouraged to increase positions sharply, copper prices quickly rose to around 6023 US dollars / ton consolidation, and then as the dollar index continued to rise, a small number of long profits outflow, copper prices short-term low near the daily moving average, During the European session, the market continued to digest the good news of Trump's boost to infrastructure, and copper prices rose sharply, with London copper recording a high of $6,090/ton as of 17:35
.
Intraday copper rebounded strongly, got rid of moving average resistance, and stood above all moving averages
.
Trump's infrastructure plan stimulates London copper to rise with the dollar, expected data to be good, manufacturing data to further boost copper prices, bulls are confident to push copper prices
again.

On the macro front, the latest data showed that China's Caixin manufacturing PMI came in at 51.
7 in February, well above expectations of 50.
8
.
The analysis believes that the overall operation of China's manufacturing industry in February showed a stronger growth momentum, output and new orders accelerated from the beginning of the year, driving the growth of new business is mainly export business, China's economy continued to pick up in February, but it cannot be asserted that the trend is formed, the second quarter or the key window period
.

In terms of the market, Shanghai copper first suppressed and then rose, the current copper discount slightly expanded, some speculators in the morning market pressed the price into the market, after entering the second trading session, Shanghai copper rose rapidly, the morning speculators made a profit shipment, the copper discount once expanded, a small amount of flat water copper quotation once exceeded the discount of 300 yuan / ton, but after the stability of the plate at noon, it returned to the morning market discount level, the copper discount narrowed again, the downstream demand is mainly, speculators favor low-priced sources, active buying increases, the transaction is mostly speculative characteristics, trading is general, It is still dominated by middlemen
.
In the afternoon session, the market continued to rise, speculators entered the market to collect low discount sources, so the discount rose rapidly, in the afternoon it was difficult to find the source of discount in the morning session, the market inquiry was more, the receiving atmosphere was strong, flat water copper newspaper discount 250 yuan / ton - discount 200 yuan / ton, premium copper newspaper discount 180 yuan / ton - discount 130 yuan / ton, the transaction price was 48020 yuan / ton - 48320 yuan / ton
.

In terms of industry, Chile's copper production in January fell 2.
6% year-on-year to 452,000 tons
.
Chile's national copper industry believes that the copper market will be in balance this year, there may be a slight shortage, and it expects a supply gap
of 100,000-200,000 tons next year.

Overall, considering that the supply and demand side of the copper market has indeed improved, and the traditional consumption season is coming, it is still recommended to buy
on the dip in trading.
The Federal Reserve will release its Beige Book on economic conditions in the early hours of Thursday Beijing time, pending further guidance
on further news.