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[brief Review of SMM Copper] the contradiction between supply and demand of crude Oil improves the surge in International Oil prices and promotes the reverse rise of Copper in Shanghai
May 15,2020 16:18CST
translation
Source:SMM
A brief Review of SMM Copper on May 15
The content below was translated by Tencent automatically for reference.

SMM, 15 May:

Today, the main force of copper in Shanghai was more than 43050 yuan / ton in the morning. After the opening, the short position reduction copper price rose more than 150 yuan / ton, and continued to climb to 43290 yuan / ton after a slight correction. At this time, the market fell to 43080 yuan per ton, and closed at 43150 yuan per ton at noon. In the afternoon, copper prices rose to a daily high of 43320 yuan / ton, but the rising momentum was limited. Near the end of the day, the long profit left the market superimposed short positions, Shanghai copper fell, and finally closed at 43130 yuan / ton, up 120 yuan / ton, up 0.28. Intraday 06 contract position reduction of 1658 hands, to 111000 hands, mainly for short reduction, with 07 contract position difference of 11000 hands, 07 contract trading volume has exceeded 06 contract, Shanghai copper is about to complete the exchange month. The copper center of gravity in Shanghai rose within the day, mainly due to the linkage of the sharp rise in international oil prices. In its latest monthly report, the International Energy Agency said it expected the global oil market to improve as a result of historic production cuts. Although crude oil demand is difficult to recover in the short term, the slowdown of the blockade and the increase in liquidity have eased the serious oversupply of crude oil. The sharp rise in oil prices has helped copper prices rise from their lows during the week. However, the annual rate of decline in total retail sales of consumer goods in April exceeded expectations, limiting the increase in copper prices to a certain extent. At present, Shanghai Copper close Yang, the bottom of the 20-day and 60-day moving average support. Waiting for outside guidance at night to test whether Shanghai copper can rise again. Today, the Shanghai copper 2005 contract is facing delivery, opening at 42900 yuan / ton, closing at 43980 yuan / ton, up 820 yuan / ton, or 1.90%, settling at 43190 yuan / ton, with a position of 4305 hands and a delivery volume of 21525 tons.

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