Home / Metal News / Copper / [brief Review of SMM Copper delivery] April PMI data show that the economy continues to recover and the main force of Shanghai copper jumps high to close to 43000 yuan / ton.
[brief Review of SMM Copper delivery] April PMI data show that the economy continues to recover and the main force of Shanghai copper jumps high to close to 43000 yuan / ton.
Apr 30,2020 16:05CST
translation
Source:SMM
A brief Review of SMM Copper on April 30
The content below was translated by Tencent automatically for reference.

SMM, 30 April:

Today, the main force of Shanghai copper skydiving high in the morning opened at 42780 yuan / ton, just opened more flat into the pressure on copper prices to the lowest point of 42650 yuan / ton in the day. Then copper prices quickly rebounded and kept rising, climbing all the way to 42900 yuan / ton. Copper prices fell slightly by noon to close at 42820 yuan per ton. In the afternoon, the long market opened one after another, and copper prices rose again. At this high position, many leave the field. Near the close, the bulls again rushed to a daily high of 42980 yuan / ton, closing at 42940 yuan / ton, up 370 yuan / ton, or 0.87%. The daily position of the main force of Shanghai copper decreased by 553 hands to 112000 hands, mainly by short positions, and trading volume decreased by 4653 hands to 62000 hands. The Shanghai Copper 2005 contract continued to reduce its position by 3146 hands to 41000 hands. Shanghai Copper 2007 contract day to increase positions by 3245 hands, mainly for the long increase in positions. In the morning, the National Bureau of Statistics released China's April PMI index. The official manufacturing PMI index for April was 50.8 per cent, down 1.2 percentage points from the previous value, while the composite PMI output index was 53.4 per cent, up 0.4 percentage points from the previous month. Manufacturing PMI recorded more than 50 ups and downs in April, indicating that the manufacturing sector still improved in April from March, and the market is expected to further strengthen copper demand. In addition, the Fed today reiterated its commitment to zero interest rates, which remained at 0%-0.25% in April, and said it would take all necessary measures to support the economy, boosting market confidence and providing momentum for copper prices to rise. At present, Shanghai copper closing Yang, the top touched the 60-day moving average, has made up for the previous jump gap. Today, the outer plate strongly pulled up, short fled before the festival, bulls into the market, pay attention to the guidelines of copper during the festival, test whether the copper price can stand on the 43000 yuan / ton level.

Copper
copper review
SMM review

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news