Copper prices rushed back down The height of the rebound needs to be viewed with caution

In the external market, Asia Lun copper fell under pressure, of which the 3-month London copper traded at 6673-6605 US dollars / ton, and is now trading at 6607 US dollars / ton, down 0.
77% per day, hitting a new low since December 8 last year, effectively running below the main moving average group, indicating heavier
selling pressure above.
In terms of holdings, on March 26, the position of London copper was 297,000, down 1,264 lots per day, which hit the lowest level since the end of December 2015, and the sentiment of the copper market was sluggish
with the decline in copper prices.

On the macro front, the Asian dollar index rebounded and is now trading around 89.
5 as the dollar benefited the dollar by rebalancing portfolios by global asset and fund managers at the end of the month
.
However, at present, the dollar is still facing multiple moving average suppression, and the rebound momentum is still insufficient
.
Focus on the final real GDP of the United States in the fourth quarter and the goods trade balance for February; US Existing Home Sales Index
for February.
In terms of industry, copper inventories have risen sharply in the past two days, with a cumulative increase of 66,225 tons to 383975 tons, a new high
since December 18, 2013.

In terms of the market, on March 28, Shanghai electrolytic copper spot traded at a discount of 200 yuan / ton - 140 yuan / ton for the monthly contract, and the trading price of flat water copper was 49070-49150 yuan / ton
.
The morning market is active when the inquiry is active, traders good copper quotation discount 140 yuan / ton, flat water copper quotation discount 200-180 yuan / ton, wet copper supply is still less, quotation discount about 260 yuan / ton, some speculators in the face of good copper bargain buying, downstream to maintain a continuous low
buying.
After ten o'clock, the downstream remained stable to buy, wet copper favor was high, and the quotation narrowed to around
250 yuan / ton.
After eleven o'clock, the market rushed back down, speculation declined, some holders had financial pressure, the willingness to cash out was urgent, good copper actively expanded and lowered the discount, and the trading activity fell significantly earlier
.
The overall intraday transaction showed a trend of first rising and then suppressing, and although the downstream bargain buying was not as good as the previous two days, it was still the main proportion
of the market.

During the day, the Shanghai copper 1805 contract fell under pressure to 49260 yuan / ton, the downside risk increased, mainly suppressed by the increase in London copper inventory, and the current copper price is now below the main moving average group, indicating that the bears have the upper hand
.
In terms of operation, it is recommended that the Shanghai copper 1805 contract can be backed by 50,000 yuan below the sky, and the entry reference is around 49,500 yuan, and the target is 48,500 yuan / ton
.