[brief comment on SMM Copper] Today's data is light and there is no external guide to test whether the main force of Shanghai Copper can hold the position of 49500 yuan / ton.-Shanghai Metals Market

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[brief comment on SMM Copper] Today's data is light and there is no external guide to test whether the main force of Shanghai Copper can hold the position of 49500 yuan / ton.

Translation 04:42:10PM Apr 19, 2019 Source:SMM

SMM, April 19 / PRNewswire-Asianet /-

This morning, the main 1906 contract of Shanghai Copper opened at 49330 yuan / ton, which was low at the start of the day. Before noon, the center of gravity was basically stable at 49380 yuan / ton. The amplitude did not exceed 60 yuan / ton. Subsequently, due to the impact of short positions, the center of gravity of copper prices moved up. In the afternoon, it maintained stability at 49490 yuan per ton, and the center of gravity at the end of the day continued to move up, but the price performance was hindered by 49540 yuan per ton, closing at 49530 yuan per ton, down 210 yuan per ton, down 0.42 per cent. The trading volume of the main 1906 contract decreased by 155000 to 101000, and the position decreased by 2358 to 188000. Today, the 1905 contract reduced its position by 8854 hands to 162000 hands, while the Shanghai Copper Index fell 10972 hands to 528000 hands. Today, Shanghai Copper is at the top of the list of capital outflows from the non-ferrous sector, with a capital outflow of 185 million. Today, Shanghai copper main body center of gravity fell sharply, above the 5th and 10th EMA to form adhesion pressure level, but below to stabilize the 20-day EMA, MACD performance is stable. In the absence of external trading and economic data guidance in the evening, prices are expected to rise sharply, testing whether the main force of Shanghai copper can hold the position of 49500 yuan / ton.

(SMM Kwong Tze-sie)

Key Words:  Copper  SMM  copper  copper. 

[brief comment on SMM Copper] Today's data is light and there is no external guide to test whether the main force of Shanghai Copper can hold the position of 49500 yuan / ton.

Translation 04:42:10PM Apr 19, 2019 Source:SMM

SMM, April 19 / PRNewswire-Asianet /-

This morning, the main 1906 contract of Shanghai Copper opened at 49330 yuan / ton, which was low at the start of the day. Before noon, the center of gravity was basically stable at 49380 yuan / ton. The amplitude did not exceed 60 yuan / ton. Subsequently, due to the impact of short positions, the center of gravity of copper prices moved up. In the afternoon, it maintained stability at 49490 yuan per ton, and the center of gravity at the end of the day continued to move up, but the price performance was hindered by 49540 yuan per ton, closing at 49530 yuan per ton, down 210 yuan per ton, down 0.42 per cent. The trading volume of the main 1906 contract decreased by 155000 to 101000, and the position decreased by 2358 to 188000. Today, the 1905 contract reduced its position by 8854 hands to 162000 hands, while the Shanghai Copper Index fell 10972 hands to 528000 hands. Today, Shanghai Copper is at the top of the list of capital outflows from the non-ferrous sector, with a capital outflow of 185 million. Today, Shanghai copper main body center of gravity fell sharply, above the 5th and 10th EMA to form adhesion pressure level, but below to stabilize the 20-day EMA, MACD performance is stable. In the absence of external trading and economic data guidance in the evening, prices are expected to rise sharply, testing whether the main force of Shanghai copper can hold the position of 49500 yuan / ton.

(SMM Kwong Tze-sie)

Key Words:  Copper  SMM  copper  copper.