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[brief comment on SMM copper] Shanghai copper harvest entity Dayang column upward trial 10-day moving average
Jun 5,2019 15:54CST
A brief Review of SMM Copper on June 5
The content below was translated by Tencent automatically for reference.

SMM, June 5 / PRNewswire-Asianet /-

Today, the main contract of Shanghai Copper opened at 46520 yuan per ton in the morning, and immediately reached an intraday high of 46620 yuan per ton. Due to the lack of market confidence, it was difficult for the high level to stabilize. And within the range of 46490 46560 yuan / ton, the center of gravity of the disk moved up slightly to around 46570 yuan / ton in the afternoon. During this period, it tried to reach a high point many times, but it was difficult to stand firm. At the end of the day, it fell slightly and closed at 46490 yuan / ton, up 200yuan / ton. Up 0.43%. Today, Shanghai Copper 1907 contract position decreased by 8086 hands to 211000 hands, while trading volume increased by 8980 hands to 92000 hands. Shanghai Copper 1908 contract position increased 4408 hands to 189000 hands. Recently, we are concerned about the position change of Shanghai Copper 1907 and 1908 contracts. The Shanghai Copper Index fell 10, 000 hands to 604000 today, while trading volume rose 36000 hands to 235000. Last night, as a result of the Fed's speech, it strengthened the market's expectations of a rate cut. The US index fell, copper prices were slightly supported, the overall disk showed a concussive upward trend, short sellers continued to withdraw their funds from the market, and technical KDJ indicators crossed and strengthened. Copper prices to form a small support, and today closed at the physical Dayang column, and up the 10-day EMA, waiting for the outside market guidance at night to test whether Shanghai copper can break through the stable 46600 yuan / ton.

(SMM Song Yao)


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