SMM, 10 April:
Today, the Shanghai copper main contract 2005 jumped short in the morning low at 40570 yuan / ton, then the center of gravity slowly climbed to 40870 yuan / ton, closed at 40890 yuan / ton in midday. At the beginning of the afternoon, the bulls strengthened to pull up the price of copper from 40830 yuan / tonnage to 41420 / ton. At this time, high multi-flat entry, copper prices fell slightly, all the way up, the market chased up sentiment enthusiastically, the impact of 42000 yuan / ton gate failed, reaching the highest point of 41890 yuan / ton in the day. Then the bulls left the market, copper prices fell slightly, closed at 41790 yuan / ton, up 950 yuan / ton, up 2.33%. Today, the transfer of the main force of Shanghai copper has been completed, Shanghai copper 2006 early opening at 40580 yuan / ton, that is, the lowest point of the day. It rose strongly in the afternoon, climbing to a daily high of 41820 yuan per ton. The intraday position of Shanghai Copper main contract increased by 871 hands to 104000 hands, mainly for long positions; trading volume increased by 2.1hands to 7.1hand; Shanghai Copper 2006 contract daily position increased by 3557 hands to 105000 hands, mainly for long positions; trading volume increased by 29000 hands to 77000 hands, Shanghai copper main positions and trading volume have completed a backward shift. The Shanghai copper index increased by 1320 hands to 334000 hands, mainly by long positions, while trading volume increased by 67000 hands to 208000 hands. The main force of copper in Shanghai opened low and went high today, mainly due to further deterioration of market expectations of tight global copper supply. BHP Billiton today confirmed two confirmed cases of new crown pneumonia at the Escondida copper mine in Chile, the world's largest copper mine, amid concerns about the intensification of the global contradiction between supply and demand for copper, prompting a sharp rise in copper prices in the afternoon. Macroscopically, stimulus policies in Europe and the US increased yesterday in response to the recession caused by the global new crown epidemic. The Fed will launch up to $2.3 trillion in loans to use lending instruments to boost the U. S. economy. For the time being, the Bank of England will be able to monetize government debt directly, allowing the British government to overdraw indefinitely until the epidemic subsides. The policy of further releasing liquidity to underpin the economy has made market expectations more optimistic. And coincided with the Easter holiday, LME closed on Friday and next Monday, the internal market lack of guidance, copper prices rose today, the market chased sentiment enthusiastically. Shanghai copper rose sharply today, the technical side is good. At present, the main force of Shanghai Copper is close to the 42000 level to make up for the gap of jumping empty two weeks ago.
