Copper prices fluctuate in a narrow range and wait for news guidance

In terms of external trading, the market atmosphere is bearish, London copper opened low at 5800 US dollars / ton in the morning, after the opening of London copper shun daily moving average decline, after a short stay around 5778 US dollars / ton, copper prices continue to fall, low to around 5720 US dollars / ton, but with the decline of the US dollar index, copper prices stabilized at a low level, consolidating around 5733 US dollars / ton, subject to the daily moving average throughout the day, the European session continued to consolidate, as of 16:40, London copper reported 5729 US dollars / ton
.
Intraday copper opened low and went low, the center of gravity shifted down, fell below all moving averages, the overall macro atmosphere was empty, the market was weak and volatile, or closer to the lower Bollinger Road
.

On the macro front, on Friday, Trump's efforts to overturn Obamacare ended in failure, and Republicans canceled the vote
on the health care bill.
Speaking at the Boao Forum for Asia over the weekend, Zhou Xiaochuan, governor of the central bank, said that the global economic recovery process is tortuous, and it cannot be too dependent on monetary policy, and monetary policy after years of quantitative easing, the world has now reached the tail of this cycle, and the expectation of tightening monetary policy has strengthened
.

In terms of the market, the high level of Shanghai copper fell, the holders exchanged cash at the high, the market supply was abundant, but the low-end wet copper supply was still limited, inhibiting the expansion of the current copper discount, the current copper discount quotation was basically the same as last Friday's level, the good copper quotation was loosened compared with last week, the source of next month's ticket increased significantly, and the price difference of this month's ticket source was about 20 yuan / ton, near the end of the first quarter, the capital factor was subject to speculators and downstream customers, resulting in there are still individual traders selling a large number of goods at low prices, dragging down the market discount, Monday characteristics are obvious
。 In the afternoon session, the holders of goods still maintain the rhythm of selling, spot discounts are difficult to collect, good copper obviously continues to expand the intensity of cash exchange, flat water copper report discount 190 yuan / ton - discount 170 yuan / ton, premium copper report discount 160 yuan / ton - discount 140 yuan / ton, market transaction is weak, not as good as the morning session, the end of the month factors are increasingly prominent
.

In terms of industry, the strike of copper miners at the Zambian copper smelter of the China Nonferrous Metals Association has entered the fourth day
so far.
In addition, Zijin Mining plans to produce 200,000 tons
of mineral copper in 2017.

Overall, considering that the supply and demand side of the copper market has indeed improved, coupled with the arrival of the traditional consumption season, it is still optimistic about the performance of copper prices in the peak season, and it is recommended to buy
on the dip in trading.
Beijing time will release China's official manufacturing PMI for March this Friday, waiting for further guidance
on the news.