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[brief comment on Copper in SMM] the macroeconomic slowdown has raised concerns in the market that copper prices continue to fluctuate and weaken.
Jul 8,2019 16:48CST
translation
Source:SMM
A brief Review of SMM Copper on July 8
The content below was translated by Tencent automatically for reference.

SMM July 8 news: today's Shanghai copper main contract 1909 opened in the morning at 46430 yuan / ton, after the opening of the disk reached the highest level of 46500 yuan / ton, after a small probe immediately fell to 46400 yuan / ton, and then the center of gravity continued to move up, and in 46370 between 46460 yuan / ton shock finishing, afternoon trading is down, all the way down to the lowest level of 46290 yuan / ton, fell below 46300 yuan / ton barrier, and then immediately rebounded, The center of gravity was maintained at around 46350 yuan / ton and closed at 46390 yuan / ton at the end of the day. It fell 30 yuan per ton, or 0.06 percent. Today, the main contract of Shanghai Copper increased its position by 4120 to 221000, and the trading volume increased by 30, 000 to 96000. Today, the position of Shanghai Copper 07 and 08 contracts decreased by a total of 16000 hands, while the Shanghai Copper Index contract reduced its position by 8632 hands to 612000 hands today, while trading volume increased by 50 000 hands to 232000 hands. Today, the Shanghai copper index in the non-ferrous plate capital outflow reached 129 million. Today, the overall trend of copper in Shanghai showed a concussion and decline, mainly due to the market's concern about the trend of macroeconomic slowdown, while oil prices also showed a volatile trend, mainly because the impact of slowing macro demand overshadowed the pressure of production reduction on the supply side. Copper prices closed slightly positive today, bearing pressure on the 5-day moving average above, MACD indicators green column continued to pull up, the technical side is difficult to support copper prices. 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)

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