[brief comment on SMM copper] Macro-deterioration of Shanghai copper today fell 1120 yuan / ton

SMM, Aug. 15 / PRNewswire-Asianet /-

This morning Shanghai copper main 1810 contract opened at 48920 yuan / ton, after the opening of short positions, copper price center of gravity sank slightly, along the 48860 yuan / ton line shock operation. In the afternoon, a large number of short positions followed, and copper prices fell rapidly, falling to a low of 48240 yuan / ton. After falling to a low of 48240 yuan / ton, the short position profited from the market, copper prices fluctuated upward, and repaired part of the decline. At the end of the day, it closed at 48550 yuan / ton, a sharp drop of 1120 yuan / ton, a daily decline of 2.25%. The 20th EMA is pressed to the top. Positions increased by 16000 to 198000, transactions soared by 128000 to 365000, and capital inflows exceeded 100 million. Turkey has issued a tariff policy on American cars and other imports. The dollar continued to soar, pointing to 97, putting pressure on base metals. External market from yesterday's entangled trend, macro deterioration, Lun Copper fell sharply to break 6000 US dollars / ton, Shanghai copper was involved with the decline. There has been no improvement in the offshore renminbi falling below 6.9. Negotiations at the Escondida copper mine will be known tomorrow, and if workers go on strike for less than a month, there will be little support for copper prices. Evening attention to the United Kingdom in July compared with the month-on-month CPI, the United States week-on-week MBA mortgage application activity index week-on-week, EIA gasoline inventory changes, July industrial output month-on-month ratio, is expected to test 48000 yuan / ton support in the evening. Today, Shanghai Copper 1808 contract delivery was completed, closing at 48500 yuan / ton, settlement price of 48680 yuan / ton, delivery volume of 31000 tons.