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[brief Review of SMM Copper Futures] Market optimism continues to rise to dilute market concerns about tension in Sino-US relations. Shanghai Copper aims to target the 44000 mark.
May 29,2020 16:12CST
translation
Source:SMM
A brief Review of SMM Copper Futures on May 29th
The content below was translated by Tencent automatically for reference.

SMM, May 29th:

Today, the main force of copper in Shanghai opened at 43840 yuan / ton in the morning, and after the opening, copper prices briefly fell to a daily low of 43730 yuan / ton. Then long increased positions superimposed short positions, copper prices fluctuated up to 43920 yuan / ton. Then it was arranged horizontally around the position of 43890 yuan / ton, and closed at 43910 yuan / ton at noon. Opening in the afternoon, the bulls renewed their strength, and the disk quickly rose to the highest point of the day, 44050 yuan / ton, but the rising momentum was insufficient. Copper prices fell below the 44000 mark, and the disk slipped to the position of 43800 yuan / ton. Near the end of the day, short sellers made a profit and the copper price rebounded and finally closed at 43940 yuan / ton, up 320 yuan / ton, or 0.73%. Today, the main contract of Shanghai Copper reduced its positions by 232 hands to 103000 hands, mainly for short positions, and the trading volume decreased by 14000 lots to 92000 hands. The main force of copper in Shanghai rose during the day, mainly due to the release of overnight data showing positive signs of economic recovery, the number of Americans applying for unemployment benefits fell for eight weeks in a row. But Sino-US relations remain strained and caution continues to dampen the continued rise in copper prices. From a fundamental point of view, domestic copper consumption is better than expected, and social inventories continued to decline on Wednesday, which also supported copper prices. Today, the copper in Shanghai closed, and the opening of the KDJ curve shrank. Below there are 5-day and 10-day moving averages adhering to the bottom, from a technical point of view, good copper prices. Wait for the outer disk guidelines in the evening to test whether Shanghai Copper can effectively break through the 44000 yuan / ton mark.

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