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[brief comment on SMM copper futures] IMF downgraded macroeconomic expectations and the trend of copper in Shanghai is a little tired.
Oct 16,2019 16:16CST
translation
Source:SMM
A brief comment on SMM copper on October 16th
The content below was translated by Tencent automatically for reference.

SMM, 16 October:

Today, the Shanghai copper main contract 1912 opened in the morning at 46900 yuan / ton, the opening is down 46840 yuan / ton, then the disk rebounded slightly, the center of gravity moved up to 46900 yuan / ton to maintain stability until the end of the afternoon, the afternoon surface was obviously weak, the center of gravity continued to step down to 46820 yuan / ton near, the tail of the long rapid divestment closed at 46750 yuan / ton, down 190 yuan / ton, down 0.4%. The main contract of Shanghai Copper increased its position by 2832 hands to 231000 hands today, while the trading volume decreased by 17000 hands to 101000 hands. The Shanghai copper index fell 9278 hands to 550000, while trading volume fell 52000 to 191000. Today, the market trend is more tired, the upward momentum is obviously insufficient, the main reason is that IMF once again lowered the global economic growth forecast to 3%, creating a 10-year low in the financial crisis, the market is still worried that the macro-weak economic situation is difficult to change in the short term, copper prices go higher power is not enough, today Shanghai copper closing entity big balcony, MACD index green pillar continues to stretch. In the evening, test whether Shanghai copper can further hold the 46700 yuan / ton barrier.

(SMM Song Yi)

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