[brief comment on Copper in SMM] the chaos in the Middle East increases economic uncertainty. Copper prices lack momentum.

SMM, June 21-the main contract of Shanghai Copper opened at 46850 yuan / ton in the morning, and immediately after the opening, the shock rose to the highest level of 46930 yuan / ton in the day, and then fell back slightly. However, due to the lack of market confidence, it was difficult to stand firm. In the afternoon, short positions actively increased, and copper prices fell all the way to a small shock around 46790 yuan / ton, and then the market further fell to the lowest point of the day, 46720 yuan per ton. Nearly fell below the 46700 yuan / ton level, and then rose at the end of the day, and closed at 46850 yuan / ton. It rose 10 yuan per ton, or 0.02 percent. Today, Shanghai Copper's main contract position increased by 838 hands to 246000 hands, while trading volume increased by 28000 hands to 165000 hands. The Shanghai Copper Index today reduced its position by 2650 hands to 588000, while trading volume increased by 49000 hands to 301000. Copper in Shanghai rose slightly today and fell back, mainly due to the Fed's interest rate cut expectations and the optimism of Sino-US negotiations gradually digested by the market, short-term news side difficult to form a lasting support for the rise in copper prices, superimposed tensions in the Middle East made the market more worried about the macro-economy, oil prices have also been falling today, copper prices lack of momentum. The market still needs to pay further attention to the process of negotiations between China and the United States, and then judge the trend of copper prices. Today, Shanghai copper closed negative, below by Brin middle rail support, MACD indicators continue to maintain the red column elongated, technical face copper price slightly support, evening waiting for the outside market guidance, test whether Shanghai copper can hold 46700 yuan / ton.

(SMM Song Yao)