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[brief Review of SMM Copper] uncertainty of Copper supply continuous fermentation Today, the main force of Shanghai Copper is still running at a high level.
Jul 6,2020 16:43CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 6:

Today, the main force of Shanghai copper opened at 48930 yuan / ton in the morning. After opening, the copper price briefly fell, exploring the intraday low of 48820 yuan / ton, and then Kongping fluctuated higher, rising to 49150 yuan / ton all the way up the road. Bulls left the market at a profit before midday. Copper prices briefly fell to 48990 yuan / ton, then rebounded to close at 49050 yuan / ton. In the afternoon trading, Shanghai copper continued the concussion trend, the bulls entered the market to pull copper prices up to the intraday high of 49220 yuan / ton, at this time the bulls gradually reduced their positions, and the market fell again, closing at 49040 yuan / ton at the end of the day, down 49040 yuan / ton, or 0.2%. The intraday 08 contract reduced 4520 positions to 117000 positions, mainly short positions; trading volume decreased 18000 lots to 129000 lots; Shanghai Copper 07 contract reduced 5550 positions to 33000 lots, mainly for short positions. At present, the market still maintains the back structure, and the 07 mur08 contract price difference is maintained at around 70 yuan / ton. At present, the cumulative number of confirmed cases of the Xinguan epidemic has exceeded 11.47 million, and the continued spread of the epidemic has suppressed some optimism, but the sustained economic recovery at home and abroad still gives strong support to the upward price of copper. In addition, Chile's state copper company (Codelco) said it would suspend construction at the El Teniente copper mine to expand production, as concerns about tight copper supplies simmered again, helping to push copper prices higher. Today, Shanghai copper closed, the upper pressure 5-day moving average, the KDJ curve crosses downward, but the bottom is still supported by the 10-day moving average, waiting for the outer disk guidelines in the evening to test whether the bulls can sustain their efforts to help copper prices gain momentum again.

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