[brief comment on SMM copper] the dollar is still high and strong at night to test whether copper can hold the 47000 mark

SMM July 25 news: this morning Shanghai copper main contract 1909 opened at 47110 yuan / ton, opened at the highest level in the day, and then the disk shock fell to 47010 yuan / ton, and then the disk surface rose slightly, the center of gravity rose to 47040 yuan / ton near the narrow concussion finishing, and then the disk center of gravity fell to the lowest level of 46970 yuan / ton. In the afternoon, the market recovered slightly, rising to 47080 yuan / ton, and then continued to decline, closing at 47020 yuan / ton, up 30 yuan / ton, up 0.06 per cent. Today, the overall performance was long position reduction, Shanghai Copper 1909 today reduced its position by 4564 hands to 246000 hands, while trading volume decreased by 65000 hands to 98000 hands. Shanghai Copper Index positions fell 4618 hands to 574000 hands, while trading volume fell 121000 hands to 192000 hands. At present, the overall trend of Shanghai copper is fluctuating and weakening, and the US dollar continues to be strong and high today, rising to 97.8, mainly because the market still expects that the probability of a substantial interest rate cut by the Federal Reserve is not large, although the US economic data is weakening, but compared with the global economy, the market is still doing well, the market generally agrees with the interest rate cut by 25 basis points, the high US dollar is stable, and copper prices are under pressure. Today, Shanghai copper four Yin, has basically returned last week's increase, technical indicators are still negative copper prices. Fundamentals on the consumer side is still light, copper prices on the lack of basis. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can hold the 47000 yuan / ton gate.

(SMM Song Yao)