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[brief comment on SMM copper futures] the market is optimistic about the negotiation between China and the United States. Copper prices are high and strong.
Jul 30,2019 16:04CST
translation
Source:SMM
A brief Review of SMM Copper issue on July 30
The content below was translated by Tencent automatically for reference.

SMM, July 30: today, Shanghai Copper main contract 1909 opened in the morning at 47280 yuan / ton, opening to the afternoon trend are stable, the center of gravity basically maintained at 4727047360 yuan / ton near a narrow range of shock finishing. In the afternoon, the market fell slightly to 47180 yuan / ton, followed by a small rebound and maintained near 47200 yuan / ton shock finishing, after a small consolidation continued to decline to the lowest level of 47130 yuan / ton, the end of the day rose slightly and closed at 47240 yuan / ton, up 350 yuan / ton, up 0.75 per cent. Shanghai Copper's main contract today reduced its position by 8924 hands to 231000, mainly by short positions, while trading volume increased by 17000 hands to 136000. Positions in the Shanghai Copper Index fell 9528 hands to 567000 today, while trading volume rose 27000 hands to 275000. At present, the 12th round of trade talks between China and the United States is under way, the market is optimistic about the negotiations, copper prices are basically volatile today, and the Federal Reserve will announce a decision to cut interest rates this week, which will guide copper prices. Today, Shanghai copper closing Yang, is the first time after the six consecutive Yin decline closed in Dayangzhu, KDJ indicators open to expand, the technical side of the good price trend. In the evening, wait for the guidance of the outside market to test whether Shanghai copper can hit 47400 yuan / ton.

(SMM Song Yao)

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