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[brief comment on Copper in SMM] crude oil demand is affected by global macro-impact, copper prices are still at risk of falling.
Jun 14,2019 17:04CST
translation
Source:SMM
A brief Review of SMM Copper on June 14
The content below was translated by Tencent automatically for reference.

SMM, June 14 / PRNewswire-Asianet /-

Today, the main contract of Shanghai Copper 1908 opened at 46490 yuan / ton in the morning, and reached the highest level of 46630 yuan / ton in the day immediately after the opening. Due to the uncertainty at the macro level, the market confidence is still very large, and the high point is difficult to stabilize. After a small probe, the shock all the way down to 46430 yuan / ton, and then the center of gravity rebounded slightly to 46480 yuan / ton. The market continued to walk low in the afternoon, and then fell immediately after opening. And in 46360 46420 yuan / ton near the shock finishing, and then fell to the lowest level of 46290 yuan / ton, the market rose slightly and closed at 46340 yuan / ton, down 40 yuan / ton, down 0.09%. Today, the position of Shanghai Copper's main contract decreased by 4616 hands to 241000 hands, and the trading volume decreased by 10, 000 hands to 130000 hands. Near the delivery date, Shanghai Copper 1906 continued to reduce its position by 5210 hands to 7970 hands. Shanghai Copper Index positions fell 13000 hands to 607000 hands, while trading volume fell 44000 hands to 234000 hands. Due to the increase in crude oil stocks, the decline in oil prices, and the continuing global macroeconomic risks, there is not enough momentum for copper prices to rise. Today, Shanghai copper closed slightly, the KDJ index continued to expand, waiting for guidance from the outside market at night to test whether Shanghai copper can stand firm at 46500 yuan / ton.

 

(SMM Song Yao)

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