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[brief comment on SMM Copper] Shanghai Copper Multi-head throwing pressure continuous 5 Yin Night Test 46000 clearance level
Jun 3,2019 16:46CST
translation
Source:SMM
A brief Review of SMM Copper on June 3
The content below was translated by Tencent automatically for reference.

SMM, June 3 / PRNewswire-Asianet /-

Today, the main contract of Shanghai Copper opened at 46160 yuan / ton in the morning, and the trend of long position reduction was obvious. At the beginning of trading, it quickly reached the lowest level of 46070 yuan / ton in the day, and then rebounded to 46190 yuan / ton after hitting the bottom, and then quickly fell back to around 46100 yuan / ton. Then the center of gravity gradually moved up, and the afternoon session continued to rise slightly, with the end of the day rising to the highest level of 46240 yuan per ton in the day. However, due to strong risk aversion in the market and lack of confidence, the high point was difficult to support, and after a small amount of exploration, it fell back quickly. It also closed at 46130 yuan per ton, down 230yuan per ton, or 0.5 per cent. Today, Shanghai Copper 1907 contract position decreased by 12000 hands to 225000 hands, while trading volume decreased by 67000 hands to 117000 hands. The positions of Shanghai Copper 1908 contract and Shanghai Copper 1909 contract increased by 13000 hands to 261000 hands, and the position performance continued to move backward. Shanghai Copper Index positions fell 6048 hands to 618000 hands, trading volume fell 99000 hands to 273000 hands, Shanghai Copper in the non-ferrous plate capital outflow reached 109 million yuan today. Due to the strong risk aversion sentiment at the macroeconomic level and the lack of confidence in the copper price boost, Shanghai Copper closed five negative today, the KDJ index continued to fall, and there was a lack of guidance on the rise in copper prices at the technical and macro levels, waiting for guidance from the outside market at night. Test whether Shanghai Copper can hold the 46000 yuan / ton gate.

(SMM Kwong Tze-si)

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