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[brief comment on SMM Copper] the market is worried about the G20 summit. Copper prices are weak.
Jun 28,2019 15:42CST
translation
Source:SMM
A brief Review of SMM Copper on June 28
The content below was translated by Tencent automatically for reference.

SMM, June 28-the main contract of Shanghai Copper 1908 opened early today at 47090 yuan / ton, which immediately rose to the highest level of 47210 yuan / ton in the day. Due to lack of market confidence, copper prices fell rapidly to 47110 yuan / ton after a small probe, and then rose to around 47150 yuan / ton after small consolidation. Then the bulls quickly left the market, and the copper price fell all the way to about 47030 yuan / ton. And the center of gravity maintained in the vicinity of 47030 yuan / ton shock finishing, after the opening of afternoon trading, the market quickly fell to the lowest level of 46890 yuan / ton, fell below the 47000 yuan / ton level, and then the low rebound, in 46910 between 46990 yuan / ton shock finishing, the end of the day rose slightly to 47010 yuan / ton, down 90 yuan / ton, down 0.19%. Today, Shanghai Copper's main contract position decreased by 7394 hands to 222000 hands, while trading volume increased by 21000 hands to 157000 hands. The position of Shanghai Copper 1909 increased by 9636 to 174000, while the position of Shanghai Copper 1910 increased by 7100 to 59000. The Shanghai Copper Index contract today reduced its position by 1298 hands to 594000, while trading volume increased by 29000 hands to 301000. Today, the overall market showed a downward trend, lack of momentum, mainly because the market is worried about the outcome of the G20 summit negotiations, copper prices lack of momentum, the market waiting for the G20 release of news to guide the direction of copper prices, Shanghai copper above the pressure on the 5-day moving average and 40-day moving average today, KDJ indicators showed negative cross, technology in the face of copper prices lack of further support. Waiting for the guidance of the outside market at night, whether Shanghai Copper can stand at the 47000 yuan / ton gate at this time.

(SMM Song Yao)

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