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[SMM Copper brief Review] Chilean Copper Mine is rumored to be on strike and supply worries ferment Shanghai Copper again and point to the 50000 pass.
Jul 8,2020 16:30CST
translation
Source:SMM
SMM July 8: today, the main force of copper in Shanghai opened at 49810 yuan / ton in the morning. After the opening, copper prices briefly rose from 49830 yuan / ton position to a low of 49550 yuan / ton.
The content below was translated by Tencent automatically for reference.

SMM July 8: today, the main copper in Shanghai opened at 49810 yuan / ton in the morning. after the opening, copper prices briefly rose from 49830 yuan / ton position to lower, exploring intraday lows of 49550 yuan / ton, with bulls increasing positions one after another, the disk rose slightly, closing at 49770 yuan / ton at noon. At the opening of afternoon trading, Shanghai copper fluctuated in a narrow range around 49770 yuan / ton. At this time, the copper price quickly climbed to the intraday high of 49970 yuan / ton. Near the end of the day, the bulls took profits, and the copper price fell back to 49800 yuan / ton, up 410 yuan / ton, or 0.83%. The intraday 08 contract increased its position by 3714 to 118000, mainly by long positions; trading volume increased by 1000 to 120000; Shanghai Copper 09 increased by 4913 to 92000, mainly by long positions; and Shanghai Copper 07 continued to reduce its positions by 3835 to 25000. At present, the liquidity of economic policy continues to be loose, the Federal Reserve Meester said that it will maintain a loose monetary policy and will do more to support the economic recovery, and the macroeconomic environment continues to improve to boost market risk appetite, which is good for copper prices. Driven by Lun Copper, Shanghai Copper continued to rise today. In terms of fundamentals, the epidemic continues to spread in South America, with a total of more than 300000 confirmed cases in Chile. The Chilean National Copper Mining Workers Association released news that a large number of miners and workers in major copper mining enterprises in Chile have diagnosed new crown pneumonia, with a total of more than 3500 confirmed cases. Worries about tight copper supply in the market have fermented again, supporting copper prices to rise. Shanghai copper has closed for 3 consecutive days, MACD red column has expanded, and below there are 5-day moving average line supporting the bottom, technical point of view Lido copper price. At present, Lun Copper has surged to a high of US $6200 / tonne, and if the strong momentum is maintained, Shanghai Copper opened at the 50000 mark that night, standing on a new platform.

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