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[brief Review of SMM Copper] the market's concerns about macro demand continue to drag down the focus of copper in Shanghai.
Oct 29,2019 15:50CST
translation
Source:SMM
A brief comment on SMM copper on October 29th
The content below was translated by Tencent automatically for reference.

SMM, 29 Oct:

Today, the main copper contract in Shanghai opened at 47480 yuan / ton in the morning, opening at an intraday high, and then copper prices fell step by step. In the second quarter of trading, the center of gravity stabilized at 47420 yuan / ton, and fell to around 47390 yuan / ton near the end of midday. In the afternoon, the center of gravity continued to move slightly down to 47360 yuan / ton, closing down at 47340 yuan / ton, down 140 yuan / ton, or 0.29%. Shanghai copper main contract 1912 position decreased by 2724 hands to 225000 hands, mainly for the long reduction; trading volume decreased by 46000 hands to 90, 000 hands. Shanghai copper position continued to move backward, Shanghai copper 2001 contract daily position increased by 3380 hands to 136000 hands; Shanghai copper 2002 contract day increased position by 5988 hands to 54000 hands. The Shanghai copper index fell 1836 hands to 540000, while trading volume fell 53000 to 208000. Today, the trend of the market is more tired, the center of gravity of copper in Shanghai has moved down, mainly because investors are still worried about weak macroeconomic demand, crude oil has also continued to fall back, and has broken through the 55 level, coupled with the weakness of recent multinational economic data, it is also confirmed that the macro level has not improved and it is difficult for copper prices to rise. At present, Shanghai copper is supported by the solid big yin column, the MACD red column is shortened, and the technical surface is multi-copper support is insufficient. The level of 47300 yuan / ton was further tested in the evening.

(SMM Song Yi)

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