SMM, May 21:
Yesterday night, copper in Shanghai rose sharply from 43800 yuan / ton to 44350 yuan / ton. Today, the main force of copper in Shanghai opened at 44340 yuan / ton in the morning, and the increase in copper price fell to 44210 yuan / ton. Then the bulls increased their positions one after another, and the price of copper rushed up to the highest point of the day, 44500 yuan / ton. However, the long day to push up the energy is limited, the disk slipped to 44340 yuan / ton, and around the position for horizontal finishing, until the close at noon. The volatility of copper price increased in the afternoon, the bulls left the market at a profit, the short positions increased, and the copper price fell to 44050 yuan / ton. Copper prices fell and rebounded before the close, and finally closed at 44150 yuan / ton, up 450yuan / ton, or 1.03%. Today, the number of positions in the main contract of Shanghai Copper increased by 3370 to 113000, mainly by long positions, the trading volume increased by 25000 to 107000, and Shanghai Copper 2006 reduced its positions by 4264 to 91000, mainly by short positions. During the day, the main force of Shanghai copper operated at a high above 44000, mainly because the market's expectations for the global economic recovery were further strengthened, and China was also eagerly looking forward to the introduction of positive policies by the "two sessions". Macro sentiment continued to heat up, and copper prices were supported. However, concerns about the long-term impact of the new crown epidemic remain, with the cumulative global diagnosis of new crown pneumonia exceeding 5 million, and investor caution has rallied the dollar index and suppressed the rise in copper prices. At present, Shanghai copper closed, continuing the rising trend, copper prices jumped away from the lower moving average, KDJ opening continued to expand, the technical side is good for copper prices. Wait for the guidance of the outer disk at night to test whether the bulls can continue to push to support the uprush of Shanghai copper.
