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[brief Review of SMM Copper delivery] the epidemic situation in some parts of the world seems to have led to a rebound in European and American stock markets.
Apr 7,2020 16:09CST
translation
Source:SMM
A brief Review of SMM Copper on April 7
The content below was translated by Tencent automatically for reference.

SMM, April 7-

Today, the Shanghai copper main contract 2005 morning short jump opened at 40330 yuan / ton, after the opening of the long short position strong pull up, copper prices quickly rose to the highest point of the day 40950 yuan / ton. Subsequently, with the long one after another to reduce positions, copper prices fell back and support the bottom of 40600 yuan / ton, narrow shock until the end of the afternoon. After the opening of trading in the afternoon, long and short forces once again slightly pushed up the price of copper to 40810 yuan / ton, but the rising momentum was insufficient, and the price shock was maintained until half an hour before the close. Copper prices fell about 150 yuan / ton to close at 40600 yuan / ton, up 870 yuan / ton, or 2.47%. Today, the main position increased by 709 hands to 105000 hands, mainly for the long increase in positions, while trading volume decreased by 2571 hands to 74000 hands. Position continued to move backward, Shanghai Copper 2006 today to increase positions 941 hands, followed by the main contract for the month. Shanghai copper index positions increased by 3353 hands to 334000 hands, mainly for the long increase in positions; trading volume decreased by 4641 hands to 199000 hands. Copper prices in Shanghai rose within days, mainly due to a slowdown in the growth rate of new confirmed cases and deaths of new pneumonia in many countries or regions around the world after the weekend, the epidemic seems to have taken a turn for the better, and market panic has receded. As a result, European and American stock markets rebounded sharply, affecting the non-ferrous plate rose. On Friday, China's central bank decided to cut the target for small and medium-sized banks and unexpectedly cut the excess reserve ratio in an attempt to release more liquidity to the banking system to support the recovery and development of the real economy. Confidence in the domestic market was greatly boosted, superimposed by a small rise in international oil prices and interference from the supply side of copper mines, and copper prices were further pushed higher. Today, Shanghai copper continued to rise, MACD Hongzhu further strengthened, and stood on the 20-day moving average, the technical side looks to have rising momentum. However, many parties still have concerns about the risk factors of the macro environment, and we should not ignore the sudden risks and the long-term hidden dangers brought about by loose liquidity in various countries, and we should also be vigilant against the suppression of air forces at the 41000 yuan / ton pass.

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