[brief comment on SMM copper] Copper price correction at night to test whether Shanghai Copper can hold the 47400 pass

SMM July 22 news: today, Shanghai copper main contract 1909 opened in the morning at 47640 yuan / ton, after the opening of the day to the highest position of 47830 yuan / ton, and then the center of gravity fell to 47670 yuan / ton near the shock finishing, until the afternoon, the overall afternoon session showed a volatile downward trend, bulls actively reduced positions, the disk fell to the lowest level of 47380 yuan / ton, closing at 47410 yuan / ton, down 100 yuan / ton, down 0.21%. Today, the position of Shanghai Copper's main contract decreased by 41000 hands to 257000 hands, and the trading volume decreased by 54000 hands to 322000 hands. The Shanghai Copper Index fell 48000 hands to 573000 hands today, while trading volume fell 88000 hands to 524000 hands. Today, Shanghai copper in the non-ferrous plate capital outflow of 914 million, mainly due to the gradual digestion of market optimism, bulls have withdrawn funds. At present, Shanghai copper performance for the shock correction situation, mainly due to the market for the United States sharply reduced interest rate expectations weakened, the dollar returned to high, metal pressure fell back, today Shanghai copper close physical Yin column, below fell below Brin on the track, KDJ curve open to expand, the technical side of the lack of copper price support. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 47400 yuan / ton gate.

(SMM Song Yao)