[brief Review of SMM Copper Futures] Shanghai Copper fluctuated horizontally at 43550 yuan / ton today due to tensions in Sino-US relations.

SMM, May 25:

Today, the main force of Shanghai copper opened at 43570 yuan / ton in the morning. After the opening, bears entered the market to put pressure on the copper price. The short-term price of Shanghai copper fell to the lowest point of 43400 yuan / ton in the day. Then the bulls increased their positions slightly, and the copper price rebounded slightly to 43560 yuan / ton. It fluctuated around 43500 yuan / ton in the morning and closed at 43600 yuan / ton in midday trading. Copper prices continued to fluctuate in the afternoon, with the center of gravity rising slightly to 43560 yuan / ton. Near the end of the day short exit, multi-hair strength, copper prices rose to the highest point of the day 43680 yuan / ton, closed at 43650 yuan / ton, down 80 yuan / ton, down 0.18%. Today, the main contract of Shanghai Copper reduced 5247 positions in the day to 103000, mainly for short positions; the trading volume decreased by 78000 to 89000; and the Shanghai Copper Index reduced 6440 positions to 325000, mainly due to short positions. Today, because LME is closed on bank holidays, the inner disk operates independently, and the overall trend is stable during the day, running in the range of 43420 million yuan / ton. Sino-US relations have become increasingly strained in recent days, causing investors to reassess the speed of economic recovery from the impact of the new crown epidemic, market risk aversion has rebounded again, and copper prices lack momentum to rise. The fundamentals have not changed much. Today, Shanghai copper sun, the upper pressure 5-day moving average, KDJ curve cross downward. It is still far away from the multiple moving averages below, and it is unlikely to fall below the 43000 mark. Pay attention to the trend of the night market to see whether the bulls can continue to push up copper prices.