Shanghai copper volatility strengthened as the performance of the US dollar index fell under pressure

On the industry front, Chinese mining giant Minmetals Resources said on Monday that the company in Peru's Las Bambas copper mine in Peru could cut production
"in the near term" as the community of Fuerabamba will block roads for up to a month.
The company said its inventory at Peru's port of Matarani was sold out and informed customers that shipments could be delayed
.

In the market, Shanghai copper ran above the daily moving average, slightly rising from the previous day to the 49,800 yuan / ton line, and the next month contract spread back structure narrowed to about
90 yuan / ton.
Spot quotations continue to follow the narrowing, holders to raise the price of water sentiment further fermentation, good copper quotations full premium, morning market quotation premium 10-20 yuan / ton, middlemen buy strong, the transaction is enthusiastic, so the holder again raised the quotation to 40-50 yuan / ton, but the transaction activity has not further improved, the market temporarily stopped
.
Under the guidance of good copper, the quotation of flat water copper narrowed, and the quotation narrowed from 50 yuan / ton discount to 30 yuan / ton, the transaction was not as good as good copper, and the quotation of wet copper remained stable at about
200 yuan / ton.
Under the leadership of traders, the market is actively trading, downstream inquiries are increasing, buying is acceptable, low premium sources are still attractive, the price spread before delivery within the week is weak and continues to narrow, and the spot premium will still follow the upward
rise.

In terms of stocks, LME copper stocks were 113,525 tonnes on March 11, down 3,200 tonnes
from the previous session.
As of March 08, 2019, copper cathode stocks on the Shanghai Futures Exchange were 236,169 tons, an increase of 9,120 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Main positions: the top 20 long positions in the Shanghai copper 1905 contract 79076, +4187; short positions 85862, +2147
.
Mainstream long and short positions have both increased, with the increase of long positions slightly more obvious
.

During the day, the Shanghai copper shock strengthened, as the performance of the US dollar index fell under pressure, and the rise in crude oil prices eased the upward pressure on copper prices, and paid short-term attention to the downstream demand for domestic copper
.
In the spot market, under the leadership of traders, the market is actively trading, downstream inquiries are increasing and buying is acceptable, low-premium sources are still attractive, and the price spread before delivery within the week continues to narrow, and the spot premium will still follow the upward
rise.
On the technical side, the main copper force 1905 stopped falling and rebounded, but it was still under pressure below the middle band of the Bollinger band, and the current Bollinger band channel showed contraction, and short-term Shanghai copper or showed shock finishing
.
Operationally, it is recommended that the Shanghai copper 1905 contract can consider selling high and low between 49,000-49,700 yuan / ton, and the stop loss is 300 yuan / ton
each.