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[brief comment on SMM Copper] the US interest rate cut is expected to strengthen the pressure on the US dollar and Shanghai Copper, which is down 46500 of the mark.
Jun 12,2019 17:06CST
translation
Source:SMM
A brief Review of SMM Copper on June 12
The content below was translated by Tencent automatically for reference.

SMM, June 12 / PRNewswire-Asianet /-

Today, the main contract of Shanghai Copper 1908 opened at 46620 yuan / ton in the morning, continuing the trend of opening high and going low last night. Today, the trend of short position increase is obvious. After the opening of morning trading, it rose slightly to the highest level of 46710 yuan / ton in the day. After that, it quickly fell to 46590 yuan / ton, and then the market rose to 46670 yuan / ton. After that, it continued to decline. In the afternoon, it quickly went down to the lowest point of the day, 46450 yuan / ton. Subsequently, the center of gravity continued to move upward to around 46520 yuan / ton and continued to fluctuate slightly downward, closing at 46460 yuan / ton at the end of the day, down 180 yuan / ton, or 0.39 per cent. Today, the main contract of Shanghai Copper increased its position by 9450 hands to 232000 hands, while trading volume decreased by 9018 hands to 154000 hands. Shanghai Copper 1907 today continued to reduce its position by 8486 hands to 192000 hands. Positions in the Shanghai Copper Index fell 3616 hands to 608000 today, while trading volume fell 45000 hands to 316000. The capital outflow of Shanghai copper in the non-ferrous plate reached 145 million. Today, the overall performance of Shanghai copper high open downward trend, macro by the United States PPI data less than expected impact, suggesting that the United States inflationary pressure increased, strengthen interest rate expectations, the dollar pressure weakened, although the dollar pressure weakness, but still at a high level, copper prices are still under pressure, so the performance of some of yesterday's gains, close the physical large Yin column pressure 10-day moving average, and the upper pressure Bringling line in the middle of the track. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand firm at 46500 yuan / ton.

(SMM Song Yao)

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