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[brief comment on SMM copper futures] the market is optimistic about the domestic economic momentum in the later period. Copper prices remain high and volatile.
Jul 16,2019 16:23CST
translation
Source:SMM
A brief Review of SMM Copper on July 16th
The content below was translated by Tencent automatically for reference.

SMM July 16 news: today's Shanghai copper main contract opened in the morning at 46920 yuan / ton, after the opening trend is stable, in the morning basically maintained at 46880 x 46950 yuan / ton near a narrow range of shock, the afternoon disk surface center of gravity moved up slightly, the opening day of the highest 47030 yuan / ton, immediately after the probe, the center of gravity and maintained around 46960 yuan / ton until the end of the day, closed at 46910 yuan / ton. The main contract of Shanghai copper opened at 46920 yuan / ton in the morning, and maintained at 46880 yuan / ton in the morning, and the center of gravity remained around 46960 yuan / ton until the end of the day, closing at 46910 yuan / ton. It rose 130 yuan per ton, or 0.28 percent. Today, the main contract position of Shanghai Copper decreased by 5196 hands to 245000 hands, mainly due to the fear of high departure of some of the short positions, the overall performance of the short position reduction. Trading volume fell by 32000 hands to 122000. The Shanghai Copper 1908 contract reduced its position by about 10, 000 to 163000 today. Trading volume fell by 13000 hands to 65000. Today, the Shanghai Copper Index fell 17000 hands to 576000 hands and trading volume fell 60, 000 hands to 214000 hands. Today, the overall performance of Shanghai copper is a high shock pattern, mainly due to the stabilization and recovery of domestic economic data in June, the market is optimistic about the domestic economic momentum, has a boost to copper prices, the current copper prices to maintain a volatile situation. Today, Shanghai copper closed negative, high level up to 47100 yuan / ton level, KDJ index continues to expand, MACD index red column elongated, technical support in the face of copper prices. In the evening, wait for the guidance of the outside market to test whether Shanghai copper can stand at 47100 yuan / ton.

(SMM Song Yao)

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