Shanghai copper wide range oscillation, short-term operation repeatedly

In terms of external trading: Asia City Lun copper bottomed out again, of which Shanghai copper closed 3-month LME copper slightly fell 0.
29% to 4686.
5 US dollars / ton, up 1.
08% from the intraday low of 4636 US dollars / ton, the technical form is strong
.

Macro: The Asian A-share market was stronger as the central bank unexpectedly cut the RRR overnight, partially offsetting the pressure on China's February manufacturing official and Caixin PMIs released in early trading, which led to a decline in base metals and then a rise
.
In addition, the dollar index still fluctuates in a narrow range around 98, focusing on the final US manufacturing PMI for February and changes in US crude oil inventories
.

In terms of market: today's Shanghai electrolytic copper spot contract discount of 190-110 yuan / ton, flat water copper trading price of 35340-35580 yuan / ton
.
Shanghai copper positions increased, market bargain entry increased, trading activity picked up, morning market far month spreads increased, traders favored low-priced good copper sources, buy and sell period
.
Copper fell sharply later, attracting downstream to gradually enter the market, holders made profits and shipments, the current copper discount did not see a significant narrowing, the overall market trading improved compared with yesterday, traders and downstream market entry increased, trade speculation was the mainstay
.

Today's Shanghai copper 1604 contract oscillation strengthened to 36010 yuan / ton, copper prices continue to run at the intersection of moving averages, short-term copper prices run repeatedly, because there are more uncertainties in the internal and external macro surfaces, disrupting long confidence
.
However, Shanghai copper bottomed out for the third consecutive day, indicating that its willingness to fall is weak, driven by domestic easing policies, copper futures may still break
upward.