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[brief comment on Copper in SMM] the US dollar is high and stable, copper prices are under pressure and low volatility.
Jun 17,2019 16:00CST
translation
Source:SMM
A brief Review of SMM Copper on June 17th
The content below was translated by Tencent automatically for reference.

SMM, June 17-the main contract of Shanghai Copper 1908 opened at 46160 yuan / ton in the morning, immediately after the opening, it reached the lowest level of 46050 yuan / ton in the day, and then the disk rebounded to 46160 yuan / ton and tried to probe down to the 46000 level, but then the center of gravity again moved up to 46150 yuan / ton. In the afternoon, the center of gravity continued to move up, and the disk rose slightly to the highest of 46220 yuan / ton in the day. Due to the current market confidence is still insufficient. High is difficult to stabilize, after a small probe and quickly give up all the increases, closing at 46150 yuan / ton at the end of the day. It fell 310 yuan per ton, or 0.67 percent. Today, the position of the main contract of Shanghai Copper increased by 8522 to 249000, the trading volume decreased by 7558 to 122000, and the position of Shanghai Copper Index increased by 11000 to 618000. Trading volume was basically the same as last Friday, to 234000. Today, the US dollar is still stable at a high level around 97.5, copper prices are under pressure, and short positions are increased. Today, the market as a whole showed a trend of low volatility near the daily average. Today, Shanghai copper closed slightly negative, above the pressure 10-day moving average. Copper prices are expected to continue to maintain a low concussion trend, but due to the supply of copper concentrate continues to be tight and scrap copper imports are limited, the bottom of copper prices are still supported, and the probability of large short selling is small. In the evening, wait for the outside market guidance to test whether Shanghai copper can reach the 10-day moving average to 46350 yuan / ton. Today, Shanghai Copper 1906 contract is facing delivery, opened at 46100 yuan / ton in the morning, the disk surface in 45980 to 46120 yuan / ton shock finishing, the overall center of gravity maintained at 46050 yuan / ton, the end of the day closed at 46020 yuan / ton. Settled at 46040 yuan / ton, the delivery volume reached 14250 hands, and the current contract price difference between 1906 and 1907 is 10 yuan / ton.

(SMM Song Yao)

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