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[brief comment on SMM copper futures] the positive US data failed to weaken the market's expectations of interest rate cuts, and there is still room for copper prices to rise.
Jul 12,2019 15:47CST
translation
Source:SMM
A brief Review of SMM Copper on July 12
The content below was translated by Tencent automatically for reference.

SMM, 12 Jul: today, Shanghai Copper main contract 1909 opened at 46680 yuan / ton in the morning, and rose to a high level of 46760 yuan / ton at the beginning of the day, and continued to decline after exploration, and continued to decline within the range of 46640 yuan / ton. During this period, the lowest position in the day was 46640 yuan / ton, and then the bulls increased their positions. After the disk rose to 46750 yuan / ton, the shock continued to fall to 46660 yuan / ton, and then the bulls continued to strengthen. All the way to the highest level of 46780 yuan / ton, the center of gravity continued to fall back to 46720 yuan / ton shock finishing, and then continued to fall back and close at 46670 yuan / ton. It rose 130 yuan per ton, or 0.28 percent. Today, Shanghai Copper's main contract position increased by 1486 hands to 236000 hands, while trading volume decreased by 56000 hands to 116000 hands. Shanghai Copper 1908 contract today reduced its position by 6750 hands to 177000 hands, while trading volume decreased by 19000 hands to 63000 hands. The Shanghai Copper Index fell 11000 hands to 583000 hands today, while trading volume fell 106000 hands to 226000 hands. Today, the Shanghai copper index in the non-ferrous plate capital outflow volume of 162 million, mainly because of 07, 08 contract short a large number of departure. The dollar continued to fall and break through 97 today, copper prices received support, the overall performance of the copper market rose slightly today, mainly because of the recent release of US employment and CPI data performed well, but still failed to weaken the market for the Federal Reserve to cut interest rates further expectations, the dollar came under pressure. At the same time, crude oil continued to rise above 60 today, mainly due to the Gulf of Mexico storm superimposed tensions in the Middle East, oil prices were boosted. The dollar and oil prices supported copper prices slightly higher. Today, Shanghai copper slightly closed the sun, the upper shadow line broke through the 40-day moving average, the lower part of the small Yang column entity is supported by the Brin middle rail, the opening of the KDJ index is good for upward expansion, and the technology forms support 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 46800 yuan / ton gate.

(SMM Song Yao)

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