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[brief Review of SMM Copper] Experimental New Crown Vaccine shows positive signs in Shanghai Copper High opening short-term Target at 44000
May 19,2020 16:05CST
translation
Source:SMM
A brief Review of SMM Copper Futures on May 19th
The content below was translated by Tencent automatically for reference.

SMM, May 19:

Today, the main 2007 contract of Shanghai Copper opened high at 43880 yuan / ton in the morning. After the opening, the bulls pushed the copper price straight up to the highest point of the day, 44030 yuan / ton, but then the more flat entry made the copper price rise back to 43710 yuan / ton, and the center of gravity stabilized at 43750 yuan / ton. Before the midday close, copper prices fell slightly to close at 43590 yuan / ton. In afternoon trading, copper prices rebounded again to nearly 100 yuan / ton, and then swung around the position of 43620 yuan / ton, and finally closed at 43690 yuan / ton, up 780 yuan / ton, or 1.82%. Today, the position in Shanghai Copper 2007 contracts increased by 3141 lots to 106000 lots, mainly as long positions increased, while trading volume increased by 13039 lots to 92635 lots. Shanghai Copper 06 contract within the day reduced positions by 6340 hands, to 100000 hands, mainly for short positions to reduce positions backward. At present, the disk still maintains the back structure, and the price difference narrowed to around 100 yuan / ton every other month. Copper opened higher in Shanghai during the day, mainly because the experimental new crown vaccine showed positive signs, superimposed signals from various countries to release sustained easing, strengthened investors' expectations for a faster pace of economic restart, and market risk appetite significantly warmed up, pushing up copper prices. In addition, the domestic "two sessions" are just around the corner, and market expectations for more favorable policies are rising, supporting copper prices to remain high. At present, Shanghai Copper Shengyang, standing on all moving averages, KDJ three-line adhesion, technical point of view, copper prices still have room to rise. Waiting for the guidance of the outer disk at night to test whether Shanghai Copper can continue to rise, the short-term target is directed at the 44000 yuan mark.

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