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[brief comment on Copper in SMM] the macro situation has warmed up and copper prices are expected to hit a high again.
Jun 19,2019 16:35CST
translation
Source:SMM
A brief Review of SMM Copper on June 19
The content below was translated by Tencent automatically for reference.

SMM June 19 news: today's Shanghai copper main contract opened at 46960 yuan / ton in the morning, the opening is the highest position, and then the disk trend is stable, in 46840-46950 yuan / ton near a narrow range of shock finishing, the overall price fluctuation range is about 110 yuan, the center of gravity maintained at about 46900 yuan / ton, afternoon trading surface slightly dropped to 46830 yuan / ton, and in the vicinity of that point small consolidation, during the period of 46800 yuan / ton, the end of the day closed at 46840 yuan / ton, the overall price fluctuation range is about 110 yuan, the center of gravity is maintained at about 46900 yuan / ton, and the afternoon trading surface is slightly reduced to 46830 yuan / ton, during which 46800 yuan / ton is explored and closed at 46840 yuan / ton. It rose 560yuan / ton, or 1.21%. Today, Shanghai Copper's main contract position decreased by 5190 hands to 244000 hands, while trading volume increased by 120000 hands to 240000 hands. Shanghai Copper 1907 contract today reduced its position by 14000 hands to 159000 hands. The Shanghai Copper Index fell 16000 hands to 589000 hands today, while trading volume increased 192000 hands to 418000 hands. Today, the capital outflow of Shanghai copper in the non-ferrous plate reached 164 million. Affected by the slowing friction between China and the United States, superimposed the hint of a possible interest rate cut by the European Central Bank, the overall macro atmosphere has warmed up, causing short sellers to leave the market quickly, effectively boosting copper prices. Today, Shanghai copper closed at the physical Taiyang Pillar, standing below the 20-day moving average, the MACD index red column increased obviously, the KDJ index expanded, and the technology also had obvious support in the face of copper prices, but we still need to continue to pay attention to the G20 negotiation process and the Fed's interest rate meeting. It still plays a strong guiding role in the trend of copper prices. At night, waiting for the guidance of the outside market, test whether Shanghai copper can continue to rush and stand at the 47000 level.

(SMM Song Yao)

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