Shanghai copper came under pressure in the short term, and ended in the evening

In terms of external trading: Ashlun copper rushed high and oscillated, and the trend diverged
from Shanghai copper.
Among them, the highest 3-month London copper rose to 5806.
9 US dollars / ton
.
In terms of positions, the latest announcement of the position of London copper on February 2 was 332,000 lots, an increase of 744 hands per day, and the increase in London copper positions rebounded, indicating that bulls have signs of recovery, and the long and short game is fierce
.

Macro: The Asian dollar index opened lower and higher, as low as 99.
602, and is now trading upwards around
99.
82.
In addition, the Caixin China composite PMI data fell to 52.
2 in January from a 45-month high of 53.
5 at the end of December, showing a moderate pace of growth in January, the lowest
since September 2016.
In terms of industries, Aurubis, Europe's largest copper smelter, said that the copper processing refining fees (TC/RCs) reported by individual companies in January were about $92.
50 per ton and 9.
25 cents per pound, and the global spot copper concentrate processing and refining fees have started strongly this year, and this trend is expected to continue
.

In terms of market: on February 6, Shanghai electrolytic copper spot traded at a discount of 120 yuan / ton - 10 yuan / ton for the contract of the month, and the trading price of flat water copper was 46360-46480 yuan / ton
.
The overall supply of copper has shown some pressure, holders of goods began to gradually expand discount quotations after entering the second trading session, in order to trade, the market copper brands are diverse, in the morning there are some small downstream into the market, but after a slight recovery in the market, the market transaction is suppressed, the oversupply pattern is obvious, a small number of transactions are still dominated by traders
.

Fundamentally, spot copper supply is still under great pressure, and the overall pattern is oversupplied; The latest London copper stocks announced by the LME were further reduced to 257,150 tonnes
.
Technically, Shanghai copper has begun to test the 20-day moving average, but the 60-day line has strong support, and the position has shrunk slightly, maintaining a short-air pattern overall
.
Operationally, it is recommended that the Shanghai copper 1703 contract fluctuates in the range of 46000-47000 yuan / ton, and the stop loss is 500 yuan / ton
each.