[brief comment on SMM copper] US import duty hammer copper price kept under pressure of 48000 yuan / ton-Shanghai Metals Market

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[brief comment on SMM copper] US import duty hammer copper price kept under pressure of 48000 yuan / ton

Translation 04:14:11PM May 10, 2019 Source:SMM

SMM, May 10 / PRNewswire-Asianet /-

Today, the main 1907 contract of Shanghai Copper opened at 47940 yuan / ton in the morning. After the opening of trading, the Chinese Foreign Ministry made a positive speech last night, which led to a slight easing of market sentiment. Copper prices fluctuated to a high of 48050 yuan / ton, but then copper prices failed to maintain a stable high. The performance fluctuated all the way down. After the US side formally imposed a 25 per cent tariff on China's 200 billion imports in the afternoon, the copper price dropped by 47740 yuan per ton, and then the bulls continued to dominate, and the copper price rebounded, falling back after rising 47920 yuan per ton at the end of the day, closing at 47760 yuan per ton. It rose 130 yuan per ton, or 0.27 percent, and the volume of 1907 contracts increased by 40, 000 to 194000, compared with 417000 for the Shanghai Copper Index today. 1907 contract position increased by 8868 to 190000, 1905 contract reduced by 8630 to 44000, 1906 contract reduced by 8734 to 170000. Today, Shanghai copper main sun entity elongated up and down shadow line, the current film line on the 5-day moving average, the technical side has not seen a clear good guidance. In the evening, waiting for the guidance of the outside market, test whether the main force of Shanghai copper can hold the position of 47700 yuan / ton.

(SMM Kwong Tze-si)

Key Words:  Copper  SMM  copper  copper. 

Price

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#1 Refined Cu
Jun.20
46830.0
-50.0
(-0.11%)
Standard-Grade Copper
Jun.20
46810.0
-50.0
(-0.11%)
High-Grade Copper
Jun.20
46850.0
-50.0
(-0.11%)
Guixi copper
Jun.20
46860.0
-50.0
(-0.11%)
Low-quality copper
Jun.20
46735.0
-55.0
(-0.12%)

[brief comment on SMM copper] US import duty hammer copper price kept under pressure of 48000 yuan / ton

Translation 04:14:11PM May 10, 2019 Source:SMM

SMM, May 10 / PRNewswire-Asianet /-

Today, the main 1907 contract of Shanghai Copper opened at 47940 yuan / ton in the morning. After the opening of trading, the Chinese Foreign Ministry made a positive speech last night, which led to a slight easing of market sentiment. Copper prices fluctuated to a high of 48050 yuan / ton, but then copper prices failed to maintain a stable high. The performance fluctuated all the way down. After the US side formally imposed a 25 per cent tariff on China's 200 billion imports in the afternoon, the copper price dropped by 47740 yuan per ton, and then the bulls continued to dominate, and the copper price rebounded, falling back after rising 47920 yuan per ton at the end of the day, closing at 47760 yuan per ton. It rose 130 yuan per ton, or 0.27 percent, and the volume of 1907 contracts increased by 40, 000 to 194000, compared with 417000 for the Shanghai Copper Index today. 1907 contract position increased by 8868 to 190000, 1905 contract reduced by 8630 to 44000, 1906 contract reduced by 8734 to 170000. Today, Shanghai copper main sun entity elongated up and down shadow line, the current film line on the 5-day moving average, the technical side has not seen a clear good guidance. In the evening, waiting for the guidance of the outside market, test whether the main force of Shanghai copper can hold the position of 47700 yuan / ton.

(SMM Kwong Tze-si)

Key Words:  Copper  SMM  copper  copper.