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[brief Review of SMM Copper Futures] Oil prices continue to rise sharply, copper prices are boosted to run above 43000
May 18,2020 16:29CST
translation
Source:SMM
A brief Review of SMM Copper Futures on May 18th
The content below was translated by Tencent automatically for reference.

SMM, May 18:

Today, the main force of Shanghai copper opened at 42910 yuan / ton in the morning. After the opening, the copper price of short positions jumped 250 yuan / ton to 43160 yuan / ton. Then it is arranged horizontally around the position of 43100 yuan / ton. Copper prices climbed slowly before midday, closing at 43170 yuan / ton. Opening in the afternoon, bulls continued to increase positions, copper prices fluctuated upward, exploring the highest point of 43330 yuan / ton, and the center of gravity stabilized at 43270 yuan / ton. At the end of the day, it closed at 43270 yuan / ton, up 270yuan / ton, or 0.63%. Intraday positions in Shanghai Copper 2006 contracts decreased by 4401 lots to 11000 lots, mainly as short positions were reduced, while trading volume decreased by 7745 lots to 68000 lots. At present, the difference in position between 06 contract and 07 contract is only 4000 hands, and the position is about to be completed and moved back. At present, Shanghai Copper still maintains the back structure, and the contract price difference of 06mur07 is about 140yuan / ton. Shanghai copper rose during the day, mainly because international oil prices continued to rise sharply. Fuel demand is expected to be boosted by the gradual easing of epidemic prevention restrictions around the world, coupled with continued production cuts on the supply side, as US drilling companies cut oil and gas drilling to record lows for the second week in a row, with oil prices continuing last week's rally. Superimposed global macroeconomic environment continued to be loose, market risk appetite warmed up, contributing to the rise in copper prices. The fundamentals haven't changed much. At present, the price of copper in Shanghai has been closed, with 20-day and 60-day moving average support below, and the opening of KDJ continues to shrink. From a technical point of view, copper prices still have upward momentum. Wait for the outer disk guide at night to test whether Shanghai Copper can continue to rush.

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