SMM, May 28th:
Today, the main force of Shanghai copper opened at 43660 yuan / ton in the morning. After opening, the price of copper rose to 43760 yuan / ton in the short term, but it quickly gave up 100 yuan, and the market fell to 43600 yuan / ton. At this time, the short-sellers made a profit and left the market. Bullish efforts led copper prices to rise to a daily high of 43850 yuan / ton, the center of gravity stabilized at 43800 yuan / ton, and closed at 43770 yuan / ton in midday. Shanghai copper maintained a narrow concussion pattern when trading opened in the afternoon. Near the end of the day, the bulls left the market, and the disk slid down through the daily average line to a daily low of 43580 yuan / ton. At this time, the copper price of short sellers rebounded slightly and finally closed at 43700 yuan / ton, down 150 yuan / ton, down 0.34%. Today, the main contract of Shanghai Copper reduced its positions by 1072 to 103000, mainly for short positions, while the trading volume increased by 6240 to 106000. Risk appetite in global markets has picked up as national economies have gradually recovered, but risk factors such as a possible recurrence of the epidemic, geopolitics and fluctuations in the oil market have retained concerns about the pace of economic recovery. During the day, Shanghai Copper operates in the range of 43,600 million yuan / ton, and its center of gravity is slightly higher than that of the night market. From a fundamental point of view, the Antamina copper mine under Tektronix Resources has resumed operation and is expected to achieve full production in the third quarter, and the market is worried about the long-term global copper supply surplus to put pressure on copper prices, while the current low domestic inventory gives copper price support, so the disk performance is multi-empty glue, copper prices are always difficult to break through the 44000 mark. Today, Shanghai copper closed, below there is still a 20-day moving average support, waiting for the outer disk guidelines at night to test whether the bulls can continue to push up copper prices.