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[brief comment on Copper in SMM] domestic economic data are good for copper prices to hit the 47000 mark.
Jul 15,2019 16:29CST
translation
Source:SMM
A brief Review of SMM Copper on July 15
The content below was translated by Tencent automatically for reference.

SMM July 15-Today Shanghai Copper main contract 1909 opened in the morning at 46730 yuan / ton, immediately after the opening of the day to the lowest position of 46620 yuan / ton, and then bulls actively into the market, the market all the way up to the daily highest level of 47000 yuan / ton, up 47000 yuan / ton gate. After the high and small consolidation, the center of gravity of the disk continued to move down, and settled between 46830 and 46940 yuan / ton, and closed at 46910 yuan / ton at the end of the plate. It rose 250 yuan per ton, or 0.54 percent. Today, Shanghai Copper's main contract position increased by 14000 hands to 250000 hands, while trading volume increased by 38000 hands to 154000 hands. Today, the Shanghai Copper Index increased its position by about 10, 000 to 593000, while trading volume increased by 49000 to 275000. Today, Shanghai copper in the non-ferrous plate capital inflow bright eye, up to 218 million, mainly bullish copper price trend, positive layout. The overall performance of Shanghai copper today was volatile, mainly due to better-than-expected data on the Chinese economy, GDP data, industrial value added and retail sales of consumer goods, which were positive for commodity trends. At the same time, the market expects the Federal Reserve to cut interest rates further, the dollar also maintained a volatile downward trend today, the copper price has also been supported. Today, Shanghai copper closing entity Dayang column, K line formed 4 Lianyang trend, below by the 10-day EMA support, KDJ index opening to expand strong, MACD index red column elongated, technical good 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 47000 yuan / ton gate level.

Today, the Shanghai Copper 1907 contract faces delivery, opening at 46550 yuan / ton in the morning, then sliding to the lowest level of 46450 yuan / ton in the day, and then rising all the way to a high of 46800 yuan / ton. Then the center of gravity moved down to 46720 yuan / ton and closed at 46670 yuan / ton at the end of the day. Settled at 46570 yuan / ton, delivery volume reached 12475 tons, the current 1907-1908 contract price difference of 80 yuan / ton.

(SMM Song Yao)

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