SMM, 19 October:
Today, the Shanghai copper main contract 1912 opened at 47070 yuan / ton, and then pulled up slightly until it rose to a daily high of 47180 yuan / ton an hour before the lunch break. After that, due to the lack of market confidence, it was difficult to stand firm. Then the trend fell all the way down to the close, closing at 47020 yuan / ton, up 310 yuan / ton, or 0.66%. The main contract of Shanghai Copper today reduced its position by 12000 hands to 224000 hands, trading volume increased by 51000 hands to 172000 hands, Shanghai copper index position decreased by 24000 hands to 584000 hands, trading volume increased by 85000 hands to 316000 hands. Today, the trend of the market first raised and then suppressed, due to the recent weak economic data in the United States and the recent rise in the foreign exchange of the euro, the US index continued to maintain a low level of 97.3, and the center of gravity of Shanghai copper rebounded to the 47000 level to maintain stability. However, the global macroeconomic weakness is difficult to change, alert to the risk of falling back after the short-term surge in copper prices. At present, Shanghai copper MACD continues to close the green pillar, waiting for the outer plate guidance at night to test whether Shanghai copper can continue to stand at the 47000 yuan / ton level.
(SMM Song Yi)