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[brief Review of SMM Copper delivery] multiple factors have contributed to the sharp rise in international oil prices, Shanghai Copper has been boosted by a low rebound.
Apr 2,2020 16:24CST
translation
Source:SMM
A brief Review of SMM Copper on April 2
The content below was translated by Tencent automatically for reference.

SMM, April 2-

Today, the Shanghai copper main contract 2005 opened low at 38960 yuan / ton in the morning, and quickly fell to the lowest level of 38570 yuan / ton in the day after the opening of the session. After that, the short position decreased one after another, and the copper price hit the bottom and rebounded above the 39000 mark. At the end of the afternoon, it closed at 39170 yuan / ton. In the afternoon, the bulls actively joined the WTO to push copper prices higher until the close of Shanghai copper continued a strong trend, with a high of 39650 yuan / ton at the end of the day, up 2005 yuan / ton, or 1.02%. Today, the main position decreased by 1767 hands to 109000 hands, mainly for the reduction of short positions; trading volume of 23000 hands to 101000 hands. Shanghai copper index positions decreased by 7408 hands to 334000, mainly for short positions reduced; trading volume increased by 63000 hands to 259000 hands. Within the day, Shanghai copper opened low and walked high, mainly linked by a sharp rebound in international crude oil prices. As US President Donald Trump expects the oil price war between Saudi Arabia and Russia to come to an end soon, and expects to reach an agreement in the near future to pull up oil prices again, market fears have been alleviated, helping to stop the decline of both US oil and cloth oil. Commodities have been boosted by linkage factors, and Shanghai copper has also changed its decline and returned to the 40000 mark. Today, Shanghai copper close Yang, supported by the 10-day moving average, MACD green pillar turned red, but the global epidemic inflection point is still unknown and the risk of economic recession is still in, Shanghai copper in 40000 yuan / ton resistance is still in, continue to pay attention to Saudi Arabia and Russia energy dispute as well as the progress of the epidemic in Europe and the United States, test whether Shanghai copper can maintain stability around 39600 yuan / ton.

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