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[brief Review of SMM Copper Futures] Oil prices keep rising and macro optimism continues to heat up. Shanghai Copper continues to rush close to the 44000 mark.
May 20,2020 16:13CST
translation
Source:SMM
A brief Review of SMM Copper Futures on May 20th
The content below was translated by Tencent automatically for reference.

SMM, May 20:

Today, the main 2007 contract of Shanghai copper opened at 43590 yuan / ton in the morning, and the bulls entered the market to drive up the copper price to 43740 yuan / ton, but the upward momentum was limited, and the copper price fluctuated for a short time around 43710 yuan / ton. Since then, bulls have made another effort to stack short positions one after another, and copper prices have fluctuated from 43690 yuan / ton to close at 43810 yuan / ton at noon. Copper prices continued to rise in early afternoon trading, surging to the highest point of the day, 43920 yuan / ton. At this time, the bulls made a profit and left the market, and the price of copper fell somewhat, and finally closed at 43730 yuan / ton. Today, the main contract of Shanghai Copper increased its daily positions by 3840 to 109000, mainly by long positions; trading volume decreased by 11000 to 82000; and Shanghai Copper 06 reduced its positions by 4781 to 96000, mainly by short positions. During the day, the rise in copper in Shanghai was mainly driven by the upward price of crude oil, and under the influence of the further improvement in the contradiction between supply and demand of crude oil, the gains of US oil and cloth oil expanded today, thus driving the rise of copper prices. The FOMC meeting of the Federal Reserve and the monetary policy meeting of the Bank of Japan are about to begin, and the market is betting that more economic stimulus policies will be launched; the domestic "two sessions" are about to be held, and the market is looking forward to more favorable policies. Market risk appetite was boosted, pushing copper prices above the 44000 mark. At present, Shanghai Copper closed Yang, KDJ third-line cash fork, technical point of view, copper prices still have room to rise. In the evening, wait for the outer disk guidelines to test whether Shanghai Copper can stand at the 44000 yuan / ton mark.

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