Shanghai copper main force continues the decline bears clearly have the advantage

In the external market, Asia Lun copper continued to fall under pressure, of which the 3-month London copper traded at 6858-6811 US dollars / ton, and is now trading at 6823 US dollars / ton, down 0.
51%
per day.
In terms of positions, on February 7, the position of London copper was 329,000 lots, an increase of 6,222 lots per day, and this week was dominated by the decline in positions, indicating that when the short-term long-short divergence increased, the bears dominated
the predominance.

On the macro front, the Asian dollar index stabilized and is now trading around 90.
1, while the plunge in global equity markets boosted risk aversion and weighed
on investment sentiment in the base metals market.
Industry information, as of February 9, the copper inventory in the previous period was 186132 tons, a weekly increase of 13,537 tons, the second consecutive week of increase
.

In terms of the market, on February 9, Shanghai electrolytic copper spot traded at a discount of 30 yuan / ton - 60 yuan / ton for the monthly contract, and the trading price of flat water copper was 51140-51360 yuan / ton
.
Shanghai copper price spread fluctuates greatly, more active in 320-360 yuan / ton, the market has been more on the next month 1803 contract quotation, good copper discount 270-250 yuan / ton, flat water copper discount about 300 yuan / ton, wet copper quotation discount around 400 yuan / ton
.
The concentration of quotations has been greatly reduced, the market response is little, there are few downstream receivers, traders receive a small number of goods with a large source of discount, market traders have gradually shown the atmosphere of leaving the market and returning home, the number of quotations is getting fewer and fewer, and the market has begun to show the atmosphere
of the Spring Festival.

During the day, the Shanghai copper 1804 contract continued to fall to 51370 yuan / ton under pressure, choosing to fall below the recent oscillation range, highlighting the advantage of bears, which requires changing the recent operation ideas, it is recommended that the Shanghai copper 1804 contract can be backed by 51900 yuan below the sky, the entry reference around 51500 yuan, the target focus on 50800 yuan
.