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[brief Review of SMM Copper] the news of the agreement on reducing oil production is insufficient. The main force of Shanghai copper is high, low, and difficult to break through the 41000 barrier.
Apr 9,2020 15:52CST
translation
Source:SMM
A brief Review of SMM Copper on April 9
The content below was translated by Tencent automatically for reference.

SMM, 9 April:

Today, the Shanghai copper main force contract 2005 opened higher at 40980 yuan / ton in the morning, and the opening short entry pulled up the copper price to a daily high of 41080 yuan / ton. After a small drop, the copper price hit the 41000 yuan / ton mark again, but the rally was unsustainable. The main force of Shanghai copper fell down the daily average all the way down to 40790 yuan / ton, the center of gravity stabilized in this position, closed at 40800 yuan / ton in midday trading, and climbed to 40870 yuan / ton in the afternoon under the promotion of multiple forces. And maintain a small shock around 40840 yuan / ton. Near the end of the day, the price of copper fell again to a daily low of 40690 yuan / ton, with a small increase in the last session, closing at 40800 yuan / ton, up 180 yuan / ton, or 0.44%. The daily position of the main contract of Shanghai Copper increased by 241 hands to 101000 hands, mainly for the reduction of long positions, while the trading volume decreased by 27000 hands to 50000 hands. Shanghai Copper 2006 contract daily position increased by 1928 hands, to 101000 hands, mainly for short positions; trading volume decreased by 1.9 hands, to 48000 hands, the position is about to move backward. Shanghai copper index daily position reduction of 1739 hands, to 333000 hands, mainly for short reduction; trading volume decreased by 70000 hands to 141000 hands. Within the day, the main force of Shanghai copper opened high and walked low, and the center of gravity was significantly higher than yesterday, mainly due to the warming of market expectations of a production reduction agreement to be reached at the upcoming OPEC+ meeting today. Russia has also expressed its willingness to cut production and pull up oil prices in the short term, which will have an impact on copper prices. However, at present, the contradiction between supply and demand of international crude oil is extremely serious. India, as the third largest crude oil importer in the world, its crude oil demand has been sharply reduced by 70% as a result of the epidemic blockade measures, confirming the market's dimmer expectations of crude oil demand under the influence of the epidemic. Investors have reservations about the continued improvement in oil prices. The chairman of the Euro Group said yesterday that finance ministers had not agreed on a rescue plan for nearly 500 billion new pneumonia outbreaks and that market sentiment was becoming more fragile. Today, Shanghai copper closed in Yang, MACD Hongzhu slightly expanded, copper prices gradually away from the 20-day moving average. However, in the past two days, the 41000 yuan / ton pass is weak and the bulls are short of energy.

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