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[brief comment on copper in SMM] the sentiment of the Federal Reserve to cut interest rates has been gradually digested by the market, and the risk of copper prices falling has increased.
Jun 13,2019 17:46CST
translation
Source:SMM
A brief Review of SMM Copper on June 13
The content below was translated by Tencent automatically for reference.

SMM, June 13: today, Shanghai Copper main contract 1908 opened at 46420 yuan / ton in the morning, immediately after the opening of the day to the highest position of 46480 yuan / ton, and then short actively joined the WTO, the disk all the way down to 46250 yuan / ton. In the afternoon, the center of gravity moved up slightly to around 46300 yuan / ton, during which it tried to reach 46360 yuan / ton, but due to the lack of market confidence, it was difficult to stand firm, so it fell to the lowest point of the day, 46210 yuan / ton, and closed at 46270 yuan / ton. It fell 430 yuan per ton, or 0.92 percent. Today, Shanghai Copper 1908 contract position increased by 13000 hands to 245000 hands, while trading volume decreased by 14000 hands to 140000 hands. Shanghai Copper 1906 contract is nearing delivery, today's position was reduced by 8270 hands to 13000 hands. The Shanghai Copper Index rose 11000 hands to 620000 today, while trading volume fell 39000 hands to 278000. Yesterday released the US May core CPI data less than expected, interest rate expectations are obvious, but the recent Fed interest rate cut expectations are gradually digested by the market, the United States Index rebounded immediately after a short-term fall, copper prices under pressure, today the dollar continues to fluctuate around 97, copper prices as a whole continued to decline. Today, Shanghai copper continued to close negative, KDJ index opening down expansion, MACD index red column shortened, technical face copper price lack of obvious support. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 46000 yuan / ton gate.

(SMM Song Yao)

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