SMM, May 26th:
Today, the main force of copper in Shanghai opened at 43750 yuan / ton in the morning, and the bulls entered the market to drive up the copper price to the highest point of the day, 43910 yuan / ton, and then fell back to 43750 yuan / ton into the market, until the copper in Shanghai made a horizontal concussion around this position before noon. It closed at 43740 yuan / ton in midday. In the afternoon, bulls continued to increase positions to support copper prices higher, the second touch the highest point of the day 43910 yuan / ton, and then the center of gravity stabilized at 43870 yuan / ton. Near the end of the day, both the forces of both sides fled, and the fluctuation of copper price increased slightly, and finally closed at 43860 yuan / ton, up 410 yuan / ton, or 0.94%. Today, the main contract of Shanghai Copper increased its positions by 1791 to 105000, mainly by bulls; trading volume decreased by 18000 to 71000. Today, Shanghai Copper operates in the range of 43680tel 43910 yuan / ton, the trend is relatively stable, basically maintaining the night market fluctuation range. Copper prices rebounded during the day, mainly driven by the upward price of crude oil, and affected by the further improvement in the contradiction between supply and demand of crude oil. Us oil and cloth oil increased today, providing some support for copper prices. But domestic investors have been cautious because of tensions between China and the United States, limiting the rise in copper prices to some extent. The fundamentals have not changed much. Today, Shanghai copper closed, once again standing on the 5-day moving average, the technical side of 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.