China's data is on the short side, and the Shanghai copper range fluctuates in a narrow range

In terms of the external market, London copper opened at 4850.
5 US dollars / ton, after the opening of the daily moving average slightly rushed up to 4864 US dollars / ton, and then by China's weak fixed investment and retail sales data caused by bearish concerns, bulls closed their positions to hedge, copper prices fell all the way below the 40-day moving average, hovering around the 10-day moving average of 4835 US dollars / ton, and almost wanted to test the daily average in the afternoon, all blocked from falling; Entering the European session, London copper was pressured and dived and accelerated its decline, as of 18:30, it had recorded a low of $4,780 / ton, down $68 / ton, or 1.
38%.

In terms of the market, the Shanghai copper fluctuated in a narrow range, and the near-delivery holders accelerated the reduction of copper premiums because the basis narrowed to less than 100 yuan / ton in the next month
.
Within the day, the copper liter discount is high and low, but the wet copper liter discount is relatively firm, and the discount does not expand but receives
.
The opening copper reported a premium of 150 yuan / ton, and the flat water copper reported a premium of 50 yuan / ton, and there were few market responders, and the holders took the initiative to reduce the premium
.
Around 9:30, good copper reported a premium of 130 yuan / ton, flat water copper reported a premium of 40 yuan / ton, traders speculated to buy goods, but favored flat water copper
.
By 11 o'clock, I had heard that there was a 110 yuan / ton of Guixi
in the market.
The relatively low level of the market and the volatile bullish aftermarket caused the downstream to buy wet copper
again.
From the perspective of discount changes, the lowest price of wet method in the middle of the week is 80-50 yuan / ton, and on Friday it has narrowed to 30-flat water
.
In the afternoon, the basis of Shanghai copper next month continued to narrow to less than 100 yuan / ton, and the current copper liter water fell to 10-110 yuan / ton, and the transaction price was 37370-37510 yuan / ton, the transaction was still not smooth, and the downstream was not enthusiastic about the current copper price purchase
.
Next Monday is the last trading day before delivery, and the premium is expected to remain closely following the change in the basis of the following month
.