Shanghai copper rushed back down within the day, and the late session rose slightly

Externally: Asian Lun copper fluctuated in a narrow range around 5870 US dollars / ton, of which 3-month London copper traded at 5894-5851 US dollars / ton, now up slightly 0.
08% to 5872 US dollars / ton
.
In terms of positions, on February 7, the position of London copper was 33.
1 lots, a daily decrease of 2330 lots, and the reduction of London copper positions rebounded, indicating that some bears took profits and left the market, and the bulls were market-led
.

Macro: The Asian dollar index rose sharply, rising as high as 100.
52 and now trading around
100.
4.
British Prime Minister Theresa May's Brexit bill was overwhelmingly passed by the House of Commons, which means that the UK has taken a crucial step towards the start of formal Brexit negotiations this quarter; The People's Bank of China (PBoC) today continued to suspend open market reverse repo operations for the fifth consecutive day
.

In terms of industry, it is reported that BHP Billiton has begun to halt production
at the Escondida copper mine in northern Chile ahead of Chile's Escondida copper miners planning a strike on Thursday.
Meanwhile, an official at PT Smelting, Indonesia's main copper smelter, said Freeport's McMorun Copper and Gold Company warned that it would gradually reduce activity at its Indonesian copper mines due to worker strikes and other problems
.

In terms of market: on February 9, Shanghai electrolytic copper spot traded at a discount of 170 yuan / ton - 60 yuan / ton for the monthly contract, the trading price of flat water copper was 47090-47200 yuan / ton, and the trading price of premium copper was 47130-47250 yuan / ton
。 Holders of high cash exchange willingness still exists, market supply is still abundant, especially flat water copper goods are cheap, and good copper to open the price difference, the next month basis is still maintained at more than 200 yuan / ton, some speculators absorb good copper, buy cash selling period, so that good copper discount has signs of narrowing, and with the expansion of import losses, the market still has a large number of imported copper impact, implying that financial pressure still exists, wet copper performance is particularly obvious
.

Shanghai copper oscillations fell slightly during the day, but largely maintained yesterday's gains as the market continued to focus on the boost from a possible strike at Chilean copper
mines.
On the technical side, Shanghai copper stood firm on the 5-day line, the position volume was further enlarged, and the long pattern in the future market remained unchanged
.
Operationally, it is recommended that the Shanghai copper 1704 contract be long at 47400 yuan / ton, and the stop loss is 47000 yuan / ton
.