Shanghai copper is under pressure and the characteristics of the market holidays have begun to appear

Externally: Asian Lun copper fell under pressure, of which 3-month London copper continued to fall 0.
52% to 5710 US dollars / ton, the fifth consecutive day of decline, but still effectively stabilized above the main moving average group, the upward pattern maintained well
.
In terms of positions, on January 18, the position of London copper was 343,000 lots, a sharp decrease of 5,129 hands in Japan, and this week, Lun copper reduced its position downward, showing that the bulls are more motivated to reduce their positions
.

Macro: Today's Asian dollar index extended its overnight decline and is now trading around
100.
89.
China's GDP for the whole year of 2016 grew by 6.
7% year-on-year, but the growth rate of fixed asset investment and industrial added value was slightly weaker than expected
.
At the same time, the market focuses on the official inauguration ceremony of US President-elect Trump at 1:00 tomorrow, and a series of policies
that may be introduced after that.
In terms of industry information, the Japan Wire and Cable Manufacturers Association released that Japan's copper wire and cable shipments in December 2016 were 57,000 tons, down 2%
year-on-year.

In terms of market: on January 20, Shanghai electrolytic copper spot contract discount of 150 yuan / ton - discount 40 yuan / ton, flat water copper transaction price of 46300 yuan / ton - 46400 yuan / ton, premium copper transaction price of 46360 yuan / ton 46480 yuan / ton
.
Shanghai copper flat consolidation, market participants further reduced, good copper supply is still scarce, but flat water copper brands are diverse, the price difference between brands is large, and after the second trading period due to the lack of transactions, flat water copper holders gradually adjust the price of shipments, in order to seek transactions, the overall market has begun to initially show holiday characteristics
.

Shanghai copper 1703 contract continued to fall to 46080 yuan / ton under pressure this week, this week copper price correction in addition to external factors pressure, copper prices continued to rise, bulls high profit taking demand also increased significantly, but because of the short-term rise pattern remains, the pullback should not be too bearish
.
In operation, it is recommended that the Shanghai copper 1703 contract can be backed by 45,600 yuan / ton above the dip, the entry reference is 46,000 yuan, and the target is 47,000 yuan / ton
.