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[brief comment on Copper in SMM] Macro-sentiment pessimism superimposed downward pressure on copper consumption light copper price
Jul 4,2019 16:20CST
A brief Review of SMM Copper on July 4th
The content below was translated by Tencent automatically for reference.

SMM July 4 News: today, Shanghai Copper main contract 1908 opened in the morning at 46500 yuan / ton, after the opening of the center of gravity dropped slightly to 46470 yuan / ton, then the disk surface rose to the highest level of 46550 yuan / ton in the day, but the market confidence is not enough, the high level is difficult to stand, and then the market surface all the way down to 46430 yuan / ton near the narrow range shock finishing, after the opening of afternoon trading, the center of gravity of the disk was maintained in the vicinity of 46440 yuan / ton for a short time. The concussion continued to fall to the lowest level of 46330 yuan / ton in the day, and closed at 46350 yuan / ton at the end of the day. It rose 20 yuan per ton, or 0. 04 percent. Today, the position of the main contract of Shanghai Copper decreased by 8308 hands to 209000 hands, and the trading volume decreased by 23000 hands to 95000 hands. Shanghai Copper 1909 currently has a position of 208000 hands, which is only 1536 hands short of the main contract, and the main contract is about to face a month change. The Shanghai Copper Index fell 12000 hands to 608000 hands today, while trading volume fell 65000 hands to 224000 hands. Today, the capital outflow of Shanghai copper in the non-ferrous plate reached 165 million. Recently, the economic data released by countries around the world at the macro level are relatively light, and the macro mood is pessimistic. Today, oil prices also show a downward trend, as the market's concern about the economic slowdown exceeds the support of the OPEC production reduction agreement on oil prices. Under the general environment of weak demand, the downward pressure on copper prices increases; from a fundamental point of view, the consumption downstream of copper continues to be light, the pressure on the supply side increases, and the fundamentals still do not have good news for copper prices. Today, the overall performance of Shanghai copper continued to decline, a small negative, the upper shadow line pressure Brin middle rail, the loss of all EMA support, KDJ indicators continue to expand, the technical side is difficult to support copper prices. Waiting for the guidance of the outside market at night, whether Shanghai Copper can hold the 46300 yuan / ton gate at this time.

(SMM Song Yao)


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