The market sentiment is empty, and Shanghai copper is still running weakly

In terms of external trading, London copper opened at 5741.
5 US dollars / ton, after the opening of London copper first slightly rushed to 5743.
5 US dollars / ton, and then China announced that February CPI 0.
8% year-on-year, copper price center of gravity fell back to around 5728 US dollars / ton repeated consolidation test, afternoon news that once the BHP strike exceeds 30 days, the company may use temporary workers to try to restart the production of its Escondida copper mine in Chile, bears actively poured in, copper prices tested low to near the lower Bollinger Road and then reversed to near the daily moving average.
During the European session, the LME announced that copper stocks increased by 387.
75 million tons, and copper prices continued to test lower, as of 17:25, London copper reported 5680 US dollars / ton
.
Intraday copper continued to fall, in the long-term support of the lower Bollinger Road lower band, focus on the number of initial jobless claims in the week of March 4, the recent recovery of US employment numbers, supporting the high level of the US dollar, copper prices are technically under pressure, short-term difficulty in recovery
.

On the macro front, the latest US ADP employment change in February increased by 298,000, far exceeding expectations of 187,000, which made the market optimistic about the upcoming non-farm payrolls data, and the probability of interest rate hikes was once again pushed to 100%.

In addition, in the week ended March 3, the US EIA commercial crude oil inventory increased by 8.
209 million barrels, far exceeding expectations of 2 million barrels, which put international oil prices under pressure and fell by nearly 5%, which also suppressed
copper prices.
China's February CPI rose 0.
8% year-on-year, far below expectations of 1.
7%; The February PPI rose 7.
8% year-on-year, beating expectations by 7.
7%.

The analysis believes that the year-on-year decline in CPI growth is mainly affected by the change in tail factors, and the expansion of PPI growth is mainly affected
by the sharp decline in prices in February last year.
There are still many hidden worries in the domestic economic recovery, and we continue to pay attention to the implementation of policies and the guidance of other macro data
.

In terms of the market, Shanghai copper continued to decline, speculators continued to push up the current copper premium to make up for the loss, but with the decrease in the number of incoming market receivers within the day, the current copper premium is more difficult, the price difference between flat water copper brands is relatively limited, and the downstream wait-and-see mood continues before the copper price stabilizes, and the transaction is not as good as the previous day
。 In the afternoon, the market continued to dip lower, the price difference narrowed to 150 yuan / ton in the next month, the speculative space narrowed, the spot premium was difficult to continue to rise, the enthusiasm of speculators declined, flat water copper reported a discount of 50 yuan / ton - a discount of 30 yuan / ton, a premium copper report of 10 yuan / ton - a premium of 50 yuan / ton, and the transaction price fell to 46130 yuan / ton - 46500 yuan / ton
.

In terms of industry, BHP Billiton said that once the strike at its Escondida copper mine exceeds 30 days, the company may use temporary workers to try to restart production at its Escondida copper mine in Chile
.
After negotiations with the union broke down, the miner went on strike on
February 9.

Overall, considering that the supply and demand side of the copper market has indeed improved, coupled with the arrival of the traditional consumption season, the downstream has begun to enter the market, and the performance of copper prices in the peak season is still optimistic, and activists can still buy
on the dip on the pullback.
US non-farm payrolls data will be released on Friday, waiting for data guidance
.