Short-term copper prices may be mainly volatile

Today's LME March copper first rose and then declined, opened at $5795.
5 in the morning, quickly tested the lowest point of $5775.
5 after opening, then rebounded up, turned red and continued to rise to the highest point of $5817, the top shock fell in midday shock, rebounded slightly at the end, and closed at $5801.
5 during the domestic trading session
.

Macro: China's January-February year-on-year growth rate fell below 10% for the first time in 11 years, the most obvious of which was the positive growth to negative growth of automobile sales, which directly dragged down consumption growth by 1.
5 percentage points, and the unexpected decline in CPI also had an impact
on the growth rate of social consumption.
It can be expected that monetary policy will have to remain prudent and tight
in the future.
Due to the sharp rise in PPI, it may be gradually transmitted to the CPI in the future, and it is not yet possible to judge whether inflationary pressures have eased
.

Market: Today's Shanghai Nonferrous Metals Trading Center (SME), spot copper mainly traded 46850-47050 yuan / ton in the morning, up 390 yuan from the previous working day, and the premium was reported at C80-B120 yuan / ton, up 50 yuan / ton
from the previous working day.
The copper spot price index was at 47020, up 397
from the previous session.
Today's market is trading lightly, with high copper prices and soaring premiums leading to a decline
in purchasing activity.
The market supply is acceptable, there are mostly imported brands, and domestic brands such as Guiye are highly
priced.
Downstream manufacturers are afraid of heights, there is currently no demand for stocking, and a small amount is purchased
on demand.
In the afternoon, the discount fell slightly from the morning, and the good copper was reported at B70-B100 yuan / ton, flat water copper C40-C10 yuan / ton, wet copper C80-C70 yuan / ton or so
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders hold an upward view, and a small number of traders hold a volatile view
.

At present, spot pressure is still large, LME inventories continue to grow, spot premiums have risen sharply, and it is difficult to change weak consumption in the short term, but you can still expect consumption to pick up
at the end of March.
The indefinite strike in Peru can be seen as support for long-term bullish copper prices
.
From the futures perspective, today's daily K-line returned above the 60-day moving average, the BOLL track converged steadily, the MACD black line narrowed slightly, and the trend line stabilized
.
Short-term copper prices may be mainly volatile, focusing on downstream procurement trends after delivery and dollar interest rate
hikes.