Home / Metal News / Copper / [brief comment on SMM copper futures] the market waits for US non-agricultural data to guide the formation of copper prices.
[brief comment on SMM copper futures] the market waits for US non-agricultural data to guide the formation of copper prices.
Jul 5,2019 15:37CST
translation
Source:SMM
A brief comment on SMM Copper issue on July 5
The content below was translated by Tencent automatically for reference.

SMM July 5 News: today, Shanghai Copper main contract 1909 opened in the morning at 46480 yuan / ton, after the opening of the center of gravity maintained at 46500 yuan / ton, and then the short actively entered the market, the market all the way down to 46420 yuan / ton, and then the center of gravity basically maintained at 46420 yuan / ton, after the opening of afternoon trading, the center of gravity continued to maintain a small shock in this position, after a short period of stability, copper prices continued to decline. And all the way down to the lowest level of 46270 yuan / ton, low and then quickly rebound, closing at 46320 yuan / ton, down 180 yuan / ton, down 0.39%. Today, the main contract of Shanghai Copper was changed into 1909 contracts. Today, the position was increased by 9092 hands to 217000 hands, and the trading volume decreased by 13000 hands to 66000 hands. The Shanghai Copper Index increased its positions by 12000 to 620000 today, while capital inflows into the non-ferrous sector stood at 178 million today. Today, Shanghai copper as a whole showed a downward trend, mainly due to the fact that the market is looking forward to the US non-agricultural data, the trend of the US dollar is strong, and the copper price is under pressure. The market will judge whether the Federal Reserve is willing to cut interest rates in July according to the non-agricultural results. Will also guide the trend of copper prices; the basic copper market continues to remain light, not conducive to copper prices; Today, Shanghai copper closed negative, below the loss of all EMA support, KDJ indicators continue to expand under the negative, the technical side does not support copper prices. In the evening, we waited for the US non-agricultural data and the guidance of the outside market to test whether Shanghai Copper could hold the 46300 yuan / ton mark.

(SMM Song Yao)

Copper
SMM
copper
copper.

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news