Home / Metal News / Copper / [brief Review of SMM copper futures] restart the economies of many countries in Europe and the United States to boost the risk preference of the market; the main force of Shanghai copper will open low and go high within the day.
[brief Review of SMM copper futures] restart the economies of many countries in Europe and the United States to boost the risk preference of the market; the main force of Shanghai copper will open low and go high within the day.
May 6,2020 16:06CST
translation
Source:SMM
A brief Review of SMM Copper on May 6
The content below was translated by Tencent automatically for reference.

SMM, 6 May:

Today, the main force of copper in Shanghai opened low at 42320 yuan / ton in the morning, and immediately fell back after briefly probing the position of 42540 yuan / ton at the opening, to the lowest point of 42310 yuan / ton in the day. Subsequently, the short position reduced one after another to drive the copper price to rebound, and closed down slightly at 42600 yuan / ton before the close at noon. At the beginning of the afternoon, copper prices continued to rise, shock rose to the highest point of the day 42780 yuan / ton, near the end of the day more profit left, short slightly increased positions, copper prices fell slightly, and finally closed at 42720 yuan / ton, down 42780 yuan / ton, down 0.26%. Today, the daily position of the main force in Shanghai decreased by 665 hands to 112000 hands, and the trading volume decreased by 1443 hands to 60000 hands. The Shanghai Copper 2005 contract reduced its position by more than 2100 hands to 38350 hands, equivalent to 191750 tons of copper, while today's copper warehouse receipt daily showed that the current number of copper warehouse receipts was 80860 tons, a gap of more than 110000 tons. There are still seven trading days left before the May contract delivery date, short positions will be further reduced for that month's contracts, hierarchical positions will hold long-month contracts, and the 0506 contract spread will be further expanded. Today, 07 and 08 contracts increased their positions by a total of 7869 hands. It is expected that the increased positions of 07 and 08 contracts will be further expanded as the contracts accelerate the reduction of positions in the current month. Today, Shanghai copper showed low opening and high walking within the day. During the holiday period, Lun Copper fell due to dismal economic data in Europe and the United States and rising tensions between China and the United States. Shanghai copper was also dragged down, opening about 500 yuan / ton lower in early trading this morning. Copper prices in Shanghai rebounded within days, mainly due to news that many countries relaxed epidemic restrictions to restart the economy, and market demand for copper was expected to improve. From a fundamental point of view, domestic copper consumption is stable and supply is tight, supporting copper prices. At present, Shanghai copper main contract under the 10-day moving average support, above the pressure 60-day moving average, the KDJ index opening up, the technical side still has room to rise. Waiting for the guidance of the outer plate at night, test whether Shanghai copper can continue the rally, hitting the 43000 yuan / ton pass.

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