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[brief comment on Copper in SMM period] the short position and low pressure of Shanghai Copper has not yet got rid of the trend of continuous negative.
Jun 4,2019 16:53CST
translation
Source:SMM
A brief Review of SMM Copper on June 4th
The content below was translated by Tencent automatically for reference.

SMM, June 4: today, the main contract of Shanghai Copper opened at 46330 yuan / ton in the morning, and immediately after the opening, it reached a daily high of 46360 yuan / ton, but due to lack of market confidence, the high position is difficult to stand firm. After the probe, the disk quickly fell to the lowest level of 46200 yuan per ton in the day. However, under the influence of the weakening US dollar index, the copper price was slightly supported, and after the bottom, the center of gravity of the disk moved up rapidly, shaking around 46260 yuan / ton, and continued to move up in the afternoon. And between 46260 and 46340 yuan / ton, the center of gravity continued to move upward, and between 46260 yuan and 46340 yuan / ton, the center of gravity continued to move upward in the afternoon, and between 46260 yuan and 46340 yuan / ton. At the end of the day, it closed at 46270 yuan per ton, up 90 yuan per ton, or 0.19 per cent. Today, Shanghai Copper 1907 contract position decreased by 5938 hands to 219000 hands, while trading volume decreased by 34000 hands to 83000 hands. Positions continued to move back, with the Shanghai Copper 1908 contract and the Shanghai Copper 1909 contract increasing their positions by 5080 to 266000 today. Pay attention to the situation that the positions of 1907 and 1908 contracts will be changed for months in the near future. The Shanghai Copper Index fell 4184 hands to 614000 hands today, while trading volume fell 74000 hands to 199000 hands. Today, due to the decline in the US index, copper prices were slightly supported, and short sellers temporarily withdrew their capital from the market. Today, the overall performance of copper prices is a situation of concussion and consolidation, but the market is still in a strong mood of risk aversion, and there is a lack of guidance on the rise of copper prices at the macro level. Technical side of the recent K line formed six Yin situation, and today K line pressure 5-day moving average, evening waiting for the outside plate guidance, test whether Shanghai copper can stand on 46300 yuan / ton.

(SMM Song Yao)

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