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[brief comment on SMM copper] the easing of Sino-US relations has boosted market sentiment, and copper prices have risen to maintain stability.
Jul 1,2019 16:33CST
translation
Source:SMM
A brief Review of SMM Copper on July 1st
The content below was translated by Tencent automatically for reference.

SMM, July 1-the main contract of Shanghai Copper 1908 opened at 47330 yuan / ton in the morning, and the short position was quickly reduced at the start of the day. Copper prices rushed up and reached 47420 yuan / ton, then fell to 47280 yuan / ton, and then the center of gravity moved up slightly to 47320 yuan / ton. After the opening of afternoon trading, it rushed to the highest level of 47440 yuan / ton in the day. After a small probe, the center of gravity continued to fall back. And in 47320 between 47390 yuan / ton between a narrow range of concussion finishing, closing at 47360 yuan / ton, up 360 yuan / ton, up 0.77 per cent. Today, Shanghai Copper's main contract position decreased by 2222 hands to 220000 hands, while trading volume decreased by 33000 hands to 124000 hands. The Shanghai Copper 1909 contract increased its position by 7764 to 181000 today, the Shanghai Copper Index contract reduced its position by 4212 to 590000 today, and trading volume decreased by 34000 to 268000. Today, as a result of the easing of trade relations between China and the United States and the trend of macroeconomic recovery, market sentiment was boosted, and copper prices rose in the morning and then remained volatile at a high level, while copper prices were boosted by Saudi Arabia's agreement with Russia to extend the OPEC production reduction agreement. However, as a result of today's Guangdong inventory surge of 8000, inventory inflection point has appeared, basically in the face of copper prices to form a negative signal. Today, Shanghai Copper closed in the physical Dayang column, the shadow line is close to Brin on the track, KDJ indicators open to expand, the technology in the face of copper prices have also been supported. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand at the 47200 yuan / ton gate.

(SMM Song Yao)

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