Shanghai copper stopped falling and stabilized, and the sustainability of the rebound is still unknown

In the external market, Asian Lun copper rushed back down, of which the 3-month London copper intraday trading at 6982-6928 US dollars / ton, now trading at 6950 US dollars / ton, up 0.
36% per day, but still running below the main moving average group, indicating that the upper selling pressure is heavier, the performance is weaker than Shanghai copper
.
In terms of holdings, on March 2, the position of London copper was 304,000 lots, a sharp decrease of 7,086 lots in Japan, indicating that funds continued to flee the copper market
after copper prices fell.

On the macro front, the Asian dollar index fluctuated in a narrow range around 90, indicating a weak rebound as U.
S.
economic data performed moderately, with the U.
S.
ISM non-manufacturing PMI at 59.
5 in February versus 59.
9 expected and 59.
9 in January, while the final Markit services PMI in February was 55.
9, the highest since August, with a preliminary reading of 55.
9 and a final value of 53.
3
in January.
In addition, the RBA kept interest rates unchanged as scheduled, and AUD/USD retreated, indicating some selling pressure
above.

In terms of industry, Peru is gradually revising its investment and production plans for mining, which is expected to increase by 14% to $58 billion over the next 10 years for mining projects
in Peru.
Over the next four years, 30% of the funds will be first used for mining investments
.

In terms of the market, on March 6, Shanghai electrolytic copper spot reported a discount of 150 yuan / ton - 100 yuan / ton for the contract of the month, and the trading price of flat water copper was 51780-51850 yuan / ton
。 Holders continue to narrow the discount slightly, the premium remains stable and slowly rising, in order to attract downstream to enter the market to receive goods, downstream continues to expect lower prices to 51,000 yuan / ton along the line, so the receiving volume is still hesitant and delayed, traders continue to use the price reduction method, trying to collect low-priced sources before delivery, but holders rarely take the initiative to reduce the discount, there is no rush to exchange cash, good copper maintains stability in the discount range of 120-100 yuan / ton, flat water copper remains stable at the discount of about 140 yuan / ton, the market performance of supply and demand stalemate saw-of-war characteristics
。

During the day, the Shanghai copper 1805 contract rebounded strongly to 52620 yuan / ton, showing obvious signs of stopping the decline and stabilizing, but the sustainability of the rebound is still in doubt
.
It is recommended that Shanghai copper temporarily focus on technical trading, and the 1805 contract can be sold high and low between 52300-53000 yuan / ton, and the stop loss is 500 yuan / ton
each.