The center of gravity of domestic copper prices has shifted downward, maintaining a narrow range of shock operation in the short term

Externally, LME copper opened sharply below $7,088 in March, and then the price rebounded slightly after falling all the way to $7,005, closing at $7,031, down $104, or 1.
46%.

In the market, Guangdong spot 1# copper price was 52460 yuan / ton, up 140 yuan; Yangtze River spot 1# copper price was reported at 52290 yuan / ton, up 30 yuan, copper discount 190-discount 170; Shanghai spot 1# electrolytic copper 52220 yuan / ton, up 1555 yuan
.
Domestic spot copper prices remained stable and rose slightly, most downstream manufacturers have not yet started, spot copper merchants do not offer much, the market transaction is few, investors wait and see, it is expected that copper prices will be blocked this week
.

In terms of news, the minutes of the latest meeting of the Federal Reserve show that Fed officials are optimistic about the outlook for the US economy and have hopes for achieving the inflation target, which will accelerate the pace of interest rate hikes by the Fed, affected by this, the dollar index once again stood at 90, non-ferrous metals rose for a while, the spot copper market is still in the accumulation stage, spot maintains a large discount trend, short-term trend volatility
.

On the whole, the copper market is still in a pattern
of intertwined forces between long and short forces.
On the macro front, the short-term rally of the US dollar weighed on copper prices
.
In terms of supply and demand, the supply of refined copper will continue to remain high, and although downstream demand is gradually recovering, domestic inventories will still accumulate before the start of the consumption season, and copper prices will be under pressure
.