[brief comment on SMM copper] Fed doves raise expectations that copper prices are expected to hold steady at 46700

SMM July 11: today Shanghai Copper main contract 1909 opened in the morning at 46560 yuan / ton, and then the disk has been maintained near the daily average of a small shock, the amplitude of only about 80 yuan / ton, the center of gravity steadily maintained at 46560 yuan / ton until the afternoon. In the afternoon, the market slid slightly to the lowest level of 46460 yuan per ton in the afternoon. Subsequently, the center of gravity moved up to around 46500 yuan / ton, and the market trend was stable until it rose slightly to 46590 yuan / ton at the end of the day. It rose 690 yuan per ton, or 1.5 percent. Today, Shanghai Copper's main contract position decreased by 13000 hands to 234000 hands, while trading volume decreased by 49000 hands to 172000 hands, showing an overall short position reduction. Shanghai Copper 1908 contract today reduced its position by 8844 hands to 184000. The Shanghai Copper Index fell 32000 hands to 594000 hands today, while trading volume fell 91000 hands to 332000 hands. Today, Shanghai copper in the non-ferrous plate capital outflow of 401 million, mainly due to short fear of high rapid departure. Today, Shanghai copper still maintained a high shock pattern, basically in the vicinity of 46560 yuan / ton shock, mainly due to Fed doves to raise market interest rate expectations, the dollar below 97 levels, and continue to low volatility, superimposed crude oil inventories fell sharply in the near future, oil prices continued to rise today, positive copper prices, the macro level of short-term copper prices have been boosted. Today, Shanghai copper harvest, the upper shadow line broke through the middle track of Brin, the green column of MACD index is shortened, the gold fork of KDJ index is good, and the technology is supported in the face of copper price. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand firm and rush to the 46700 yuan / ton gate.

(SMM Song Yao)