[brief comment on Copper in SMM] US dollar on the way to 97.5pass copper price under pressure shock weakness

SMM, July 23: today, the main contract of Shanghai Copper opened at 47330 yuan / ton in the morning. After the opening of trading, the lowest position was 47260 yuan / ton, and the center of gravity was basically maintained at about 47320 yuan / ton. Then the center of gravity moved up slightly by 30 yuan to 47350 yuan / ton until the afternoon. In the afternoon, the center of gravity first maintained stability and then continued to rise to the highest point of the day, 47420 yuan / ton, and then continued to decline, closing down 47300 yuan / ton at the end of the day, down 1.05 per cent. Today, the position of Shanghai Copper's main contract decreased by 2798 hands to 254000 hands, mainly as bulls left the market after the bearish market, trading volume decreased by 188000 hands to 133000 hands; Shanghai Copper Index increased its position by 2818 hands to 576000 hands today, mainly as an increase in forward contract 1910 positions; trading volume decreased by 276000 hands to 247000 hands. At present, the macro market has been waiting for the Fed's policy meeting next week, the expectation of a sharp interest rate cut is weakened, the trend of the US dollar is strong, and the copper price is weak on the way to 97.5. copper prices are under pressure and weak, and the overall position is maintained at 47300 yuan / ton. Today, Shanghai copper closed down slightly, and above has lost Brin's support on the track, KDJ indicators are bearish, and the technical side is lack of guidance on copper prices. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 47200 yuan / ton gate.

(SMM Song Yao)