Home / Metal News / Copper / [brief Review of SMM Copper Futures] the macroeconomic environment continues to improve, boosting market risk appetite, the main force of Shanghai Copper closed today.
[brief Review of SMM Copper Futures] the macroeconomic environment continues to improve, boosting market risk appetite, the main force of Shanghai Copper closed today.
Jul 7,2020 15:55CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 7:

Today, the main force of Shanghai copper opened at 49480 yuan / ton in the morning. After the opening, the price of copper fluctuated higher, climbing all the way up to the intraday high of 49610 yuan / ton. Then the copper price of short positions fell slightly, and the center of gravity stabilized at 49480 yuan / ton position. It closed at 49520 yuan / ton before noon. When trading opened in the afternoon, bears increased their positions one after another, and copper prices briefly fell to an intraday low of 49300 yuan / ton, then rebounded to close at 49360 yuan / ton, up 470 yuan / ton, or 0.96%. The intraday 08 contract reduced 2695 positions to 114000, mainly short positions; trading volume decreased by 10, 000 to 119000; Shanghai Copper 07 reduced positions by 3770 to 29000, mainly by short positions; trading volume decreased by 4000 to 21000. 09 contract day increase of more than 2500 positions, mainly for long positions, 08mur09 contract spread has narrowed to about 70 yuan / ton. Shanghai copper rose during the day, mainly due to rising optimism about the global economic recovery. Us stocks rose collectively, while the US ISM non-manufacturing PMI figure released last night rebounded sharply to 57.1 from 45.4 in May, far exceeding expectations of 50 and reaching its highest level since February this year, while Japan's foreign exchange reserves increased again in June after a decline in May, with a public value of US $1.05024 trillion, an increase of US $8.92 billion over the previous month. The continued improvement in the macroeconomic environment has accelerated market optimism and supported the upsurge in copper prices. At present, Lun Copper is still at a high level of more than 6100 US dollars / ton, followed by Shanghai Copper, which closed today. MACD red column narrowed, but there is still a 5-day moving average at the bottom, copper prices upward pattern has not been destroyed. Waiting for the guidance of the outer disk in the evening to test whether Shanghai Copper can continue its upward trend and break through the 49500 yuan / ton mark upward.

Copper futures
brief review of SMM

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn