The main force of Shanghai copper opened low and went low, and the enthusiasm of the market for active trading weakened

Market focus: (1) On the 4th, the Fed cut interest rates for the first time since the 2008 financial crisis, and the interest rate was lowered by 50 basis points to the largest
in more than ten years.
(2) China's Caixin services PMI recorded 26.
5 in February, down 25.
3 percentage points, and China's Caixin composite PMI recorded 27.
5 in February, down 24.
4 percentage points
.

Spot analysis: On March 4, spot 1# electrolytic copper was quoted at 44870-45050 yuan / ton, with an average price of 45010 yuan / ton, down 330 yuan / ton
per day.
Recently, the number of imported copper outflow brands has increased, smelling Norway, Spain, the United States copper, etc.
, the quotation is almost wet copper, dragging down the original wet copper quotation, the entire market trading is general, some downstream bargaining just need to replenish, traders favor low-priced sources but difficult to suppress prices, supply and demand transactions are temporarily difficult to break the deadlock.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 184998 tons on Wednesday, a daily increase of 10,816 tons; On March 3, LME copper stocks were 211225 tonnes, down 5,725 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2004 contracts were 75684 lots, minus 1797 lots per day, short positions were 92526 lots, daily minus 1080 lots, net short positions were 16842 lots, daily increase of 717 lots, long and short were reduced, and net space increased
.

The main force of Shanghai copper in 2004 opened low and went
low.
The global epidemic is spreading, with more than 10,000 confirmed cases abroad, and the impact of the epidemic on the global economy is worsening; China's Caixin composite PMI recorded 27.
5 in February, down 24.
4 percentage points, a record low; at the same time, China's downstream processing enterprises resumed work slowly, demand still lacked significant improvement, Shanghai copper inventories showed an upward trend recently, and copper prices lacked upward momentum
.
However, the Fed urgently announced a 50 basis point interest rate cut, the market expects another 25 basis points in April, the dollar index continues to fall under pressure, and many central banks plan to follow the rate cut or introduce easing policies; At the same time, the epidemic in China is expected to end by April, and the government plans to expand infrastructure investment, and demand is expected to gradually recover
in April.
In terms of spot, the market has the willingness to receive goods at a low price, but the willingness of holders to hold prices is clear, and the market continues to recover some of last week's losses, but the rebound is highly temporarily suppressed, making some downstream buyers cautious, and the market initiative transaction enthusiasm weakened
.
Technically, the main 2004 contract of Shanghai copper reduced its position, and the mainstream position increased and decreased more, and it is expected to fluctuate
at a short-term low.