Market panic has not yet subsided, and copper prices extended their decline in the short term

In terms of the external market, London copper opened at 6892 US dollars / ton, after the opening of London copper briefly oscillated upward to a high of 6941 US dollars / ton, the upward momentum is insufficient, and there is no sustainability, London copper high fell back to the daily average of 6915 US dollars / ton, in the afternoon, London copper again opened the downward mode, quickly fell below 6900 US dollars / ton integer mark, as of 16:52, London copper reported 6851.
5 US dollars / ton
.
During the day, LME copper stocks increased by 21,125 tons, bears followed the trend, the decline was difficult to stop, London copper weak running below all moving averages, London copper is expected to continue to weaken
.

In terms of the market, overnight domestic and foreign base metals plummeted, Shanghai copper plunged more than 1,000 yuan, the range of about 2%, intraday market sentiment has not yet calmed down, lack of interest, more cautious wait-and-see, holders have ignored the next month price difference in the delivery period brought by the spread, good copper quotation premium 40 ~ 50 yuan / ton, due to the difficulty of the transaction response, forced to reduce to a premium of 10 ~ 20 yuan / ton, only then some trade speculators entered the market, flat water copper completely discounted at about 30 yuan / ton, the transaction is still sporadic bulk
。 The copper price of 51,000 yuan has been a low price in the past two months, and the market still has a first-line active window period before delivery, the Spring Festival is approaching, risk volatility is intensifying, and the situation of market supply and demand will continue
.
In the afternoon session, the activity of quotations was further reduced, there were few quotations, participants were unwilling to over-lower the quotation, the transaction was even rarer, the market was in a stalemate, and the delivery was about to be carried out, and the willingness of the holders to raise the price increased, flat water copper reported a discount of 10 yuan / ton - flat water, good copper reported a premium of 20 yuan / ton - 40 yuan / ton, and the transaction price was 51580 yuan / ton - 51840 yuan / ton
.

In terms of stocks, as of February 7, COMEX copper stocks were 223,510 short tons, an increase of 402 tons from February 6; LME copper stocks were 294975 tonnes, down 2,850 tonnes from Feb.
6; As of February 8, SSE futures inventories were 58,274 tons, an increase of 1,047 tons
from the previous day.

Industry news, data released by China's General Administration of Customs on Thursday showed that China's unwrought copper imports fell for the second consecutive month in January, as the construction industry was constrained by winter restrictions and high domestic productivity continued to limit overseas copper demand
.
China's imports of raw copper, including anode copper, refined copper and semi-finished copper products, were 440,000 mt
in January.

At present, the market panic has not subsided, copper prices continue to decline, and the short-term dollar rally has also weighed
on metals.
From the perspective of disk performance, copper prices are suppressed by various moving averages, the center of gravity is gradually shifting, the adjustment is not over, and copper prices may maintain weak operation
under short-term bearish dominance.