Copper prices may continue to remain weak in the short term

Today's LME March copper shock decline, opened at $5826.
5 in the morning, fell from the highest point of $5832 after the open, continued to fall after short-term platform shock, rebounded to the lowest point of $5775.
5, sideways at midday, picked up at the end, and closed at $5795.
5 during the domestic trading session
.

Macro: The current market sentiment is bearish, mainly focusing on
negative factors such as the expectation of a US interest rate hike, the US balance sheet reduction plan, the tightening of the domestic real estate market and the tightening of monetary liquidity by the central bank.
At present, there are no positive stimuli in the market, resulting in continued weakness in commodity prices, especially black commodity prices
.
Today, with the rise of spot premiums, traders' enthusiasm for shipments has expanded, and downstream has also purchased on the dip because of the decline in prices, but the enthusiasm for procurement has fallen
compared with the same period last week.
The current consumption hotspots are mainly concentrated in the cable industry, and the orders of copper pipe companies are also considerable, so the consumption season can still be expected
.

Market: Today's Shanghai Nonferrous Metals Trading Center (SME), spot copper mainly traded 46960-47090 yuan / ton in the morning, down 490 yuan from the previous working day, and the premium was reported at C50-B80 yuan / ton, up 40 yuan / ton
from the previous working day.
The copper spot price index was trading at 47070.
5, down 483
from the previous session.
Today's market trading is acceptable, traders are actively shipping, imported copper is most, smelters buy warehouse receipts, downstream manufacturers, especially large enterprises in copper prices when the purchase of goods, procurement enthusiasm is acceptable, but the purchase volume is slightly lower than the same period
last week.
In the afternoon, the discount fell slightly compared with the morning, and the good copper was reported at B30-B40 yuan / ton, flat water copper B00-B10 yuan / ton, wet copper C70-C50 yuan / ton
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders hold a downward view, and a small number of traders hold an upward view
.

From a technical point of view, the 1705 contract, the daily level, the BOLL track continues to weaken downward, the MA moving average trend is flat, and the price still maintains range-bound, but is currently in the low range
.
Short-term prices may continue to remain volatile, and the medium and long-term consumption season may support
prices.