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[brief comment on SMM copper] China's trade data performed well and copper prices rose to the 46000 mark.
Jun 10,2019 16:16CST
A brief Review of SMM Copper on June 6
The content below was translated by Tencent automatically for reference.

SMM, June 10 / PRNewswire-Asianet /-

Today, the main contract of Shanghai Copper opened at 45990 yuan / ton in the morning. After the opening of the market, it formed a situation of shock and weakness, and reached the lowest level of 46580 yuan / ton in the day, and settled at a low position near 45870 yuan / ton. As the General Administration of Customs released better-than-expected export data for May today, the market rose slightly, and the center of gravity of the market continued to move upward in the afternoon and maintained around 46000 yuan / ton, during which it reached an intraday high of 46050 yuan / ton and closed at 46010 yuan / ton. It fell by 440 yuan per ton, or 0.95 percent. 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.



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