The performance of the US dollar index is under pressure, and Shanghai copper stops falling and recovers

In terms of the market, Shanghai copper continued the trend of last Friday night, the center of gravity fell to 49,600 yuan / ton, and the price difference structure of the next month contract narrowed to about
150 yuan / ton.
Spot discount quotation followed the narrowing, the morning holder quotation discount 90 yuan / ton - flat water, but due to the narrowing of the quotation too much spot buying is weak, so flat water copper led the downward adjustment, the transaction concentrated in the discount 110 - discount 100 yuan / ton, good copper reported to the discount 40 - discount 30 yuan / ton, the transaction has improved
.

In the second trading stage, middlemen bought at the low, good copper and flat water copper discount quotation did not expand, maintained and discount 110-discount 30 yuan / ton range quotation, downstream maintained just demand, wet copper quotation discount around
230 yuan / ton.
Although the market supply is still abundant, but due to the intraday traders to receive flat water copper delivery long orders, the trade atmosphere on Monday is also active, the discount has also narrowed accordingly, this Friday's contract delivery, spot premium change range still needs to follow the next month price spread change guidance
.

In terms of industry, as of March 8, SMM clean mine spot TC was reported at 72-77 US dollars / ton, down 3 US dollars / ton from last Friday, the transaction center of gravity refreshed a new low in three quarters, back to the level before the shutdown of Vedanta's Sterlite copper smelter in May last year, the market transaction is basically around 75 US dollars / ton, and there is even an offer of 70 US dollars / ton at a low level
.

Warehouse receipt inventory: warehouse receipt 131981, +2227; LME copper stocks were 116,725 tonnes on March 08, down 3,350 tonnes
from the previous session.
As of March 08, 2019, copper cathode stocks on the Shanghai Futures Exchange were 236,169 tons, an increase of 9,120 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.

Shanghai copper stopped falling and rebounded during the day, as the performance of the US dollar index was under pressure, which brought some space for copper prices to rebound, but the current US dollar index is still running at a high level, which still inhibits
the upward movement of copper prices.
In the spot market, although the market supply is still abundant, due to today's traders undercharging the receipt of flat water copper delivery long orders, Monday's trade atmosphere is also active, and the discount has also narrowed accordingly
.
On the technical side, the main copper force 1905 stopped falling and rebounded, but it was still under pressure below the middle band of the Bollinger band, and the current Bollinger band channel showed contraction, and short-term Shanghai copper or showed shock finishing
.