[brief comment on SMM Copper] the inflow of Shanghai Copper Index is 439 million yuan at night to test whether the main force of Shanghai copper can break through the position of 49300 yuan per ton.

Published: Feb 18, 2019 16:24

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A brief Review of SMM Copper on February 18th

SMM, Feb. 18 / PRNewswire-Asianet /-

Today, the Shanghai Copper 1904 contract opened at 48710 yuan / ton early in the morning. After the opening of the market, the price was slightly revised down to around 48660 yuan / ton. During the period, the price of copper dropped 48610 yuan / ton many times. Towards noon, copper prices began to pull up rapidly. Until the afternoon copper prices were as high as 49260 yuan per ton in nearly two months. After the exploration, copper prices remained stable near 49180 yuan per ton, up 880 yuan per ton, or 1.82 per cent. The trading volume of the main contract increased by 91172 to 221000, and the position increased by 38032 to 222000. The 1904-1905 contract added a total of 41604 positions, and the 1902-1903 contract reduced a total of 30870 positions, of which 25054 were reduced by 1902 contracts. Today, the Shanghai Copper Index increased its positions by 13180 to 627000, mainly by bulls. Within days, the Shanghai copper index inflow capital of 439 million yuan, ranking first in the non-ferrous plate inflow funds. The contract price difference is $220 / tonne from 1903 to 1904 today. Today, the main contract of Shanghai copper strong elongated Dayang column, the center of gravity stood firm in all recent averages, and the 5th EMA exceeded the 60-day EMA to form a strong support. This week's domestic data list, waiting for external guidance, evening test Shanghai copper main force can break through 49300 yuan / ton position.

(SMM Kwong Tze-sie)

Brief comment on copper futures brief comments on SMM

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