Shanghai copper trend is weak There is support below the price

During the Asian session, London copper opened low and went low, and the latest quotation at 15:01 Beijing time was 9756.
5 US dollars / ton, down 122 US dollars, or 1.
24%.

In terms of the market, today's domestic spot copper prices fell sharply, Yangtze River non-ferrous metal network 1# copper price was reported at 70950 yuan / ton, down 1230 yuan, discount 130-discount 70; Guangdong spot 1# copper price was 70880 yuan / ton, down 1210 yuan; Yangtze River spot 1# copper 70940 yuan / ton, down 1190 yuan, discount 140-discount 120; Shanghai spot 1# copper price was 70945 yuan / ton, down 920 yuan
.

In the spot market, traders inquired positively, and downstream bargaining replenished a small amount, and transactions improved
slightly.
Prices continue to update previous highs, which has an impact on processing companies, but copper mine supply is still tight, long-term demand is good under the background of carbon peaking, and there is support
below copper prices.

Macro-wise, the dollar has not escaped its weakness, and the market awaits the Fed meeting on Tuesday and Wednesday, which is expected to remain dovish
.
In the copper market, the Chilean Labor Association demanded an early withdrawal of more pensions or threatened to protest, port workers threatened to strike, and copper prices were supported by supply concerns in Chile
.
In addition, the LME write-off warehouse receipts account for about half of the inventory, and concerns that LME inventories will fall sharply in the future are also the reason for the
sharp rise in copper prices.
At present, overseas factors dominate, technically, under the premise that the original high point support is effective, copper prices will rise to historical
highs.