Shanghai copper's limited rally was affected by the strengthening of the US dollar

In the external market, the Asian market London copper oscillation rose slightly, of which the 3-month London copper traded at 6960-6919 US dollars / ton, now trading at 6944 US dollars / ton, up 0.
83% per day, the first rise in six trading days, but the rebound height is limited, still running below the main moving average group, indicating heavier
selling pressure above.
In terms of positions, on February 28, the position of London copper was 311,000 lots, an increase of 1,127 lots per day, indicating that the divergence between long and short after the copper price fell increased
.

In terms of the market, on March 2, Shanghai electrolytic copper spot traded at a discount of 210 yuan / ton - 140 yuan / ton for the monthly contract, and the trading price of flat water copper was 51850-51950 yuan / ton
.
The Shanghai-London ratio continues to be revised upward, imported copper is still enthusiastic, and some of the domestic copper such as Shandong Yimeng and Lufang to Shanghai have shown an urgent willingness to ship for cash, and the morning market is impatiently quoted in the discount of 220-200 yuan / ton range, good copper then expanded to a discount of 150-140 yuan / ton, and even some small traders quoted good copper discount of 160 yuan / ton to attract market attention
.
Imported copper is still the main supplier in the market, and traders speculate on stockpiling at low prices, and the transaction level
is low.
From next week, the downstream and traders' transactions will enter a normal track, but the inventory of major traders is not low, the capital pressure is also large, and the market is facing the game brought about by the contradiction between long and short, between supply and demand, and between capital and delivery
.

On the macro front, the Asian dollar index fluctuated in a narrow range around 90.
2, and the dollar index has risen 0.
4% so far this week, marking two consecutive weeks
.
Trump's announcement that he will impose tariffs of 25% and 10% on U.
S.
steel and aluminum imports to protect the U.
S.
steel and aluminum industry is Trump's first major move to fulfill his protectionist policy plan laid out during his campaign, which has raised concerns about rising global trade tensions
.
Markets focused on Bank of England Governor Carney's speech in London and the final value
of the University of Michigan consumer confidence index in February.

During the day, the Shanghai copper 1805 contract oscillated and rebounded to 52540 yuan / ton
.
Short-term copper prices are dominated by bears winning in the long-short race, undermining its rebound pattern, mainly weighed
down by the strengthening of the US dollar and the slowdown in China's economic growth.
It is recommended that the Shanghai copper 1805 contract can be backed by 53100 yuan below the sky, the entry reference is around 52800 yuan, and the target is 52000 yuan / ton
.