SMM, April 27th:
Today, the Shanghai copper main contract short jump high opened at 42420 yuan / ton, short high position reduction, copper prices fell slightly to the day's lowest point of 42240 yuan / ton. Then the market rose rapidly, climbing to a daily high of 42880 yuan / ton. At this high, the long profit off the market copper prices fell, closed at 42660 yuan / ton at midday. Afternoon market trend is weak, Shanghai copper slowly fell, hit 42500 yuan / ton position after a small rebound, the end of the long divestment led to a fall in copper prices, finally closed at 42490 yuan / ton, up 680 yuan / ton, up 1.63%. Today, the daily position of the main force of Shanghai Copper increased by 2118 hands to 115000 hands, mainly showing a long increase in positions, while trading volume increased by 22000 hands to 98000 hands. The daily position of Shanghai Copper 2005 contract decreased by 5873 hands to 57000 hands, mainly for the reduction of short positions. Within days, Shanghai copper jumped high, with a center of gravity up about 750 yuan / ton from the previous trading day, mainly because on Friday, Yunnan Province expressed support for key enterprises to carry out commercial collection and storage of non-ferrous products, with a total collection and storage of about 800000 tons. The news provided strong support for the rise in copper prices. Coupled with better macro expectations, the pace of economic growth in the world's major economies has accelerated, and more states in the United States want to relax restrictions on the epidemic. Italy will gradually restart its economy from May 4. The Bank of Japan announced today that it will expand its bond purchases and further relax monetary policy. Macro-oriented to boost market risk appetite and stimulate copper prices to rise. At present, the main contract of Shanghai Copper is close to the 60-day moving average, partly to fill the gap in the previous jump. Next, we will continue to focus on whether the decision of the European Bank, the Federal Reserve and China's manufacturing PMI data in April can contribute to a further rise in copper prices.