[brief comment on Copper in SMM] the downside risk of Macro-economy increases the pressure on Copper prices and weakens

SMM July 3 news: today's Shanghai copper main contract 1908 opened in the morning at 46400 yuan / ton, opened that the highest in the day 46460 yuan / ton, after a small probe, the market confidence in copper prices is insufficient, followed by long positions, copper prices fell to 46300 yuan / ton, and then continued to rise slightly, and in 46300 between 46390 yuan / ton shock finishing, afternoon trading center of gravity maintained in the vicinity of 46340 yuan / ton concussion, After a short period of consolidation, it continued to fall to the lowest level of $46220 per tonne for the day, closing at $46250 per tonne at the end of the day. It fell 480 yuan per ton, or 1.03 percent. Today, the main contract of Shanghai Copper reduced its position by 986 to 218000, and the trading volume decreased by 40, 000 to 118000. Recently, Shanghai Copper 1908 and 1909 contract positions are close to each other, and they are concerned about the change of months of the main contract. Today, Shanghai Copper 1909 contract increased its position by 11000 hands to 208000. Shanghai Copper 1910 contract increased its position by 7002 to 72000. The Shanghai Copper Index increased its position by 11000 to 620000, while trading volume fell by 67000 to 289000. Today, Shanghai copper in the non-ferrous plate capital inflow bright eye, reached 106 million. Recently, the good news from China and the United States has been gradually digested by the market, and the macroeconomic environment and the basic impact on copper prices have increased. Today, the PMI of China's new financial services industry in June was not as expected, the downward pressure on the economy has increased, and it is difficult to support copper prices at the macro level. Fundamental copper consumption has entered the off-season, supply-side pressure has also increased, fundamentals are still bearish copper prices. Today, Shanghai Copper closed at the physical Dayin column, has fallen below the Brin middle rail, below the loss of all EMA support. The MACD index red column is greatly shortened, the KDJ index increases the negative downward expansion trend, the technical aspect is difficult to support the copper price to rise. In the evening, wait for the guidance of the outside market to test whether Shanghai copper can hold the 46000 yuan / ton gate.

(SMM Song Yao)