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[brief review of SMM copper futures] crude oil price recovery superimposed fundamentals good Shanghai copper main jump high opening station on the 42500 level
Apr 29,2020 15:46CST
translation
Source:SMM
A brief comment on SMM copper on April 29th
The content below was translated by Tencent automatically for reference.

SMM, 29 April:

Today, the main force of Shanghai copper skyhopping opened at 42410 yuan / ton in the morning. After the opening, the price of copper rose to 42640 yuan / ton in the short term. After a slight fall, it rose to a daily high of 42720 yuan / ton again. Then Shanghai copper turned down, slowly down, closing at 42610 yuan / ton at midday. In the afternoon, copper prices fell to a daily low of 42380 yuan / ton due to short forces. Near the end of the day, copper prices closed at 42510 yuan / ton, up 210 yuan / ton, or 0.50%. The daily position of the main contract of Shanghai Copper decreased by 126 hands to 113000 hands, mainly by short positions, and the trading volume decreased by 4767 hands to 67000 hands. Shanghai Copper 2005 contract significantly reduced positions, day reduction of more than 7000 hands, to 44000 hands, mainly for short reduction; long-month contracts to increase positions at different levels. Shanghai copper jumped high today, mainly affected by the rise in oil prices. API crude oil inventory data for the week of April 24 released today, inventory growth was lower than expected, at the same time, as countries plan to lift anti-epidemic restrictions, the market for crude oil demand recovery expectations strengthened. Oil prices continued last night's rally in the morning, boosting copper prices. Fundamental news also supports copper. First Quantum cut its copper guide this year by 75000 tons to 755000-805000 tons. Today, Shanghai copper closed in Yang, but failed to hold on to 42700 yuan / ton, and then fell back to the 42500 level, and the long and short sides left the scene one after another because of the risk aversion mood before the festival. Today, the Federal Reserve interest rate resolution and the US first quarter GDP data will be released soon, the market has expected the economy to shrink, focusing on how the Fed has used a variety of policy tools to continue to release liquidity to support the economic recovery.

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