[brief comment on Copper in SMM] the uncertainty of Brexit aggravates the economic malaise in Europe. Copper prices are difficult to rise against the trend.

SMM July 24: today, Shanghai Copper main contract 1909 opened in the morning at 46960 yuan / ton, after the opening of the disk slowly concussion rose to 47070 yuan / ton, and then fell to the lowest level of 46960 yuan / ton, the center of gravity continued to move up after a small consolidation, until the afternoon. Afternoon trading is still concussion upward to 47080 yuan / ton, and then the center of gravity is basically stable here, closing at 47090 yuan / ton at the end of the day. It fell 250 yuan per ton, or 0.53 percent. Today, the position of Shanghai Copper's main contract decreased by 3542 hands to 251000, mainly as long as short positions left the market, while trading volume increased by 30, 000 to 164000. The Shanghai Copper Index increased its position by 2572 to 579000 and trading volume by 65000 to 313000. At present, the disk position gradually moved back, Shanghai Copper 1910 contract position increased by 6876 hands to 125000 hands. The overall trend of the copper plate in Shanghai today is stable, mainly due to the recent high level of the US dollar, which has broken through 97.76, and copper prices are under pressure. And the new British Prime Minister, Britain is still facing great pressure to leave the European Union, the current trend of economic slowdown in Europe, bearish copper prices higher. At present, the copper in Shanghai is negative, the KDJ index is weak, the MACD index red column is shortened, and the technical side does not support the copper price up. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 46900 yuan / ton gate.

(SMM Song Yao)