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[brief Review of SMM Copper delivery] affected by the weak Global Macro-economy during the National Day period, Shanghai Copper jumped short and opened low and maintained a low position.
Oct 8,2019 16:39CST
translation
Source:SMM
A brief Review of SMM Copper on Oct. 8
The content below was translated by Tencent automatically for reference.

SMM, 8 Oct:

Today, the Shanghai copper main contract 1912 opened lower at 46920 yuan / ton in the morning, then continued to dive to the lowest level of 46900 yuan / ton in the day, and then the center of gravity recovered slightly and maintained its stability around 46930 yuan / ton until the end of the afternoon. In afternoon trading, the center of gravity continued to move down to 46900 yuan / ton, and the tail continued to decline and closed at 46820 yuan / ton, down 310 yuan / ton, or 0.66%. Shanghai bronze main contract 1912 completed the main contract exchange month today, short positions increased by 13000 hands to 191900 hands; trading volume decreased by nearly 23000 hands to 65000 hands; Shanghai copper 1911 contract today short position only increased by 1902 hands. At present, the disk 1911 contract and the 1912 price difference maintain the Back structure, the price difference is about 50 yuan / ton. Shanghai copper index short position increased by 9734 hands, to 545000 hands, trading volume decreased by 59000 hands, to 212000 hands. Today, the opening of the inner market to jump lower, and then continue to maintain stability in the low position, mainly due to the continued deterioration of the international macro-economy during the holiday, geopolitical frequent, the dollar has been stable near 99, unfavorable to the copper market higher. The market is waiting for 13 rounds of negotiations between China and the United States to guide copper prices. Today, Shanghai copper barefoot Yang line, physical pressure 40-day moving average, greater resistance, technical performance is bearish. At night, waiting for the outer plate to guide, test whether Shanghai copper can continue to stand firm 46800 yuan / ton.

(SMM Song Yi)

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