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[brief Review of SMM Copper] Jiangxi issued 16 articles to support the copper industry to hedge macro negative sentiment Shanghai copper to maintain stability at the 43000 level
May 14,2020 16:02CST
translation
Source:SMM
A brief Review of SMM Copper on May 14
The content below was translated by Tencent automatically for reference.

SMM, 14 May:

Today, the main force of Shanghai copper opened as low as 42930 yuan / ton in the morning. After the opening, the copper price of bullish positions rose more than 100 yuan / ton in a straight line, and hovered briefly at the position of 43030 yuan / ton. Followed by a continuous increase in short positions, copper prices quickly fell to a daily low of 42800 yuan / ton. At this low, short departure led to a rebound in copper prices, the center of gravity stabilized in 43010 yuan / ton position, midday closed at 43040 yuan / ton. The opening copper price in the afternoon is horizontal plate finishing. Near the close of the long run led to a fall in copper prices, finally closed at 42910 yuan / ton, down 80 yuan / ton, down 0.19%. Within the day, the main force of Shanghai Copper, that is, the 2006 contract reduced its position by 2358 hands to 113000 hands, mainly for the long reduction, the position is about to move backward, and then pay attention to the monthly situation of the main contract; the trading volume decreased by 2.0 hands to 55000 hands. During the month, the contract day reduced positions by 5460 hands to 7015 hands, further narrowing the spread over 06 contracts to around $150 per tonne. In a speech last night, the chairman of the Federal Reserve argued that the US economy was facing unprecedented downside risks and refuted the possibility of using a negative interest rate policy at this stage, cooling market risk appetite and opening lower in Shanghai. Today, Jiangxi Province introduced 16 relevant measures to support the copper industry, including tax concessions, reduce electricity costs, expand copper consumption, etc., forming a strong support for copper prices, hedging the market pessimism about the macro-economic recession. The short-term decline of copper in Shanghai in the morning was mainly affected by the fluctuation of international oil prices. At present, Shanghai copper close Yin, but there is still 20, 60 days of moving average support, the long and short sides are still competing for the 43000 pass. Waiting for the guidance of the outer plate at night, test Shanghai copper can rise again, standing on the 43000 yuan / ton level.

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