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[brief Review of SMM Copper] it is expected that the epidemic situation will ease the supply disturbance of superimposed copper mines and strengthen the main force of copper in Shanghai. Within days, the main force of copper will be low open and high press
Apr 8,2020 15:50CST
translation
Source:SMM
A brief Review of SMM Copper on April 8
The content below was translated by Tencent automatically for reference.

SMM, 8 April:

Today, the Shanghai copper main contract 2005 early in the morning short jump opened at 40310 yuan / ton, the beginning of the session briefly lower 40140 yuan / ton after the day low opened the trend of all the way higher. Copper prices in the jump on the daily moving average, gradually increased the range of pull, midday close at 40720 yuan / ton. In the afternoon opening, that is, straight up and climbed higher than the day's highest point of 41010 yuan / ton, after two times of high weakness, the pressure of 41000 yuan / ton level made a lot of short profit out of the market, the disk fell back to 40670 yuan / ton. In late trading, a small number of people entered the air and rebounded slightly, and finally closed at 40810 yuan / ton, up 160 yuan / ton, or 0.39%. The daily position of the main contract of Shanghai Copper decreased by 1359 hands to 104000 hands, mainly by short positions, while trading volume increased by 2436 hands to 76000 hands. Shanghai Copper 2006 contract daily increase of 1928 hands, to 101000 hands, mainly for the long increase in positions; trading volume increased by 4970 hands to 67000 hands, the volume is about to move backward. Shanghai copper index daily increase of 1088 hands, to 335000 hands, mainly for the long increase in positions; trading volume increased by 12000 hands to 211000 hands. Within days, the main force of copper in Shanghai opened low and walked high, mainly due to a rebound in optimism in the global market about the alleviation of the new crown epidemic. Many countries in Europe and the United States plan to gradually lift restrictions to restart the economy, and investors are expected to improve the outlook for copper demand. Although the decline in oil prices intensified in late trading yesterday affecting the capital markets, but today's positive news on oil production has effectively soothed investors' concerns, oil prices rebounded, contributing some of the momentum to the rise in copper prices. At the same time, there have been frequent reports of production cuts or suspension of operations at the end of the copper mine in recent days, and the increasingly tight supply of copper has provided support for copper prices. Shanghai copper today, the technical side of the favorable signs, stand firm 20 moving average, Shanghai copper is expected to continue to rise. However, the uptrend space is still affected by many risk factors, whether the 41000 yuan / ton barrier can be broken depends on whether the long energy has the confidence to take advantage of the pursuit or not.

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