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[brief comment on SMM Copper] the call between the leaders of China and the United States is good for macro sentiment. Copper prices are expected to rise to the 47200 mark.
Jun 25,2019 16:02CST
translation
Source:SMM
A brief Review of SMM Copper on June 25
The content below was translated by Tencent automatically for reference.

SMM, June 25: today, Shanghai Copper main contract 1908 opened in the morning at 46890 yuan / ton, after the opening of the short position quickly reduced, the disk quickly pulled up to the highest level of 47120 yuan / ton, but the market risk aversion sentiment is still in, the high difficult to maintain stability, the disk then quickly fell to the lowest level of 46820 yuan / ton, and then the disk continued to rebound, concussion upward. After the opening of afternoon trading, the market was up 46980 yuan / ton, then fell back to 46900 yuan / ton, and then steadily pulled up to the end of the day, and closed at 47090 yuan / ton, up 260yuan / ton, up 0.56 per cent. Today, Shanghai Copper's main contract position was basically maintained at 245000 tons, indicating frequent long and short trading, but evenly matched; trading volume increased by 13000 hands to 151000 hands. Shanghai Copper 1909 contract position increased by 14000 hands to 136000 hands, while trading volume increased by 24000 hands to 63000 hands. Today, the Shanghai Copper Index increased its position by 7836 hands to 594000 hands, while trading volume increased by 47000 hands to 294000 hands. This morning, the leaders of the Sino-US economic and trade consultations spoke on the phone. The two sides agreed to continue to communicate, and the macro mood improved slightly, but we still need to pay attention to the deterioration of US-Iraq relations, and the market risk aversion mood still exists. The market awaits the G20 negotiations and continues to guide copper prices. Today, the overall performance of copper prices up, closed at Dayang column, below by Brin middle rail support, KDJ index showed positive upward expansion, MACD index red column elongated, technology in the face of copper prices also formed a small support. In the evening, waiting for the guidance of the outside market, test whether Shanghai copper can continue to explore and stand firm at 47200 yuan / ton.

(SMM Song Yao)

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