The market maintained a weak trend and Shanghai copper continued to decline

In terms of industries, data released by the General Administration of Customs showed that China's imports of unwrought copper and copper products in February were 311,000 tons
.
Cumulative imports from January to February were 789,000 tons, down from 794,000 tons
in the same period last year.
China's imports of copper ore and its concentrate in February were 1.
925 million mt, and the cumulative import volume in January-February was 3.
821 million mt, up from 3.
058 million mt
in the same period last year.

In terms of the market, Shanghai copper hovered at 49,700 yuan / ton, and the center of gravity shifted
slightly lower than yesterday.
The next month contract spread maintains the back structure, the near strength and far weak structure expands to around 200 yuan / ton, superimposed on the abundant supply of goods in the hands of the holders, the willingness to exchange cash, and the lack of concentrated trading of goods, good copper from the morning market quotation flat water line to discount around 60 yuan / ton and there is enough price space, flat water copper quotation from the discount 120 ~ discount 100 yuan / ton around the first line
to the discount of 150 yuan / ton.
Although quotations continue to fall, brokers remain cautious and difficult to close
.
Downstream buying is scarce, wet copper discount continues to expand, and the quotation has slipped from 230 yuan / ton discount to 270 yuan ton of discount
.
The spread maintained a widening trend every other month, there were few active buying, and the holders took the initiative to reduce in order to seek transactions, the market short-term cash sentiment is strong, and the trend of discount changes before delivery may be guided
by changes in the spread structure.

In terms of stocks, LME copper stocks stood at 120,075 tonnes on March 07, up 3,200 tonnes
from the previous session.
As of March 1, 2019, copper cathode stocks on the Shanghai Futures Exchange were 227,049 tonnes, up 9,255 tonnes
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Shanghai copper continued to decline during the day, as China's exports fell 20.
7% year-on-year in February and imports fell 5.
2%, significantly less than expected, and the non-ferrous sector generally came under pressure to decline, coupled with the accumulation of China's copper stocks, which suppressed
copper prices.
In the spot market, the spread maintained a widening trend in the next month, and there were few active buying, and all holders took the initiative to reduce in order to seek transactions, and the market had a strong short-term cash exchange sentiment
.
On the technical side, the main copper force of 1905 continued to weaken, closing the black line for 5 consecutive days, and the MACD indicator green column further expanded, and the disk maintained a weak trend
.
Operationally, it is recommended that the Shanghai copper 1905 contract can consider taking a short position around 49200 yuan / ton, and the stop loss refers to 49500 yuan / ton
.