SMM, Oct. 9 / PRNewswire-Asianet /-
Today, Shanghai copper main 1811 contract morning market opened at 50320 yuan / ton, early in the daily average above a narrow range of finishing, in a large number of long positions with part of the short pressure, copper prices quickly fell down the intraday low 50220 yuan / ton after the daily average narrow range finishing. Lun Copper was the first to stand on US $6200 per ton, boosting domestic bulls' confidence and raising the center of gravity of copper prices, followed by a narrow range of 50400 yuan / ton above the daily average, during which 50500 yuan / ton was blocked from falling back. In the afternoon, Fenggao long reduced its position, copper prices slowly fell above the daily average, more into the end of the day, copper prices closed at 50500 yuan / ton, an increase of 480yuan / ton, an increase of 0.96 per cent. The main force position increased by 2586 hands to 175000 hands, and the transaction increased by 78520 hands to 166000 hands. The contract position decreased by 12920 units in the current month, and the total number of positions in the 1811-1901 contract increased by 13602 units, and the price difference between the next month and the current month narrowed to about $140 per tonne. Today, Shanghai copper main report bald Yang Zhu, the center of gravity raised to the 5th moving average, bulls confidence boosted day by day, there is a trend to catch up with and surpass the second highest level on the eve of National Day at 50680 yuan / ton. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand on the 5-day moving average. (SMM Dai Cheng Yao)
