[brief comment on Copper in SMM] US dollar returns to 97 high copper price under pressure and falls below 46000 key position

SMM, June 6 / PRNewswire-Asianet /-

Today, the main contract of Shanghai Copper opened at 45990 yuan / ton in the morning. After the opening of trading, due to the active entry of short positions into the market, the copper price formed a concussion and weakened situation, and reached the lowest level of 46580 yuan / ton in the day, and settled at a low level near 45870 yuan / ton. Subsequently, the market rose slightly. In the afternoon, the center of gravity continued to move upward and remained near 46000 yuan / ton, during which it reached an intraday high of 46050 yuan / ton and closed at 46010 yuan / ton, down 440yuan / ton, or 0.95 per cent. Today, Shanghai Copper 1907 contract position increased by 900 hands to 212000 hands, and trading volume increased by 35000 hands to 128000 hands. Shanghai Copper 1908 contract position increased by 11000 hands to 200000 hands; contract position is only about 10, 000 hands, pay attention to 07, 08 contract exchange situation. The Shanghai Copper Index increased its position by 11000 hands to 615000 hands today, while trading volume increased by 124000 hands to 358000 hands. Last night, as a result of the sharp increase in crude oil stocks, oil prices hit a new low, and with the bright non-manufacturing data from the US ISM, the US dollar was boosted. Double factors put pressure on copper prices. Short positions actively entered the market, and copper prices fell below the 46000 yuan / ton mark. The dollar continued to stabilize at a high this morning, copper prices under pressure, continue to low shock finishing. Today, Shanghai copper closed at the physical Dayin column, the KDJ index cross weakened, MACD green column growth, waiting for the guidance of the outside market at night, test whether Shanghai copper can hold 45800 yuan / ton.

(SMM Song Yao)