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[brief Review of SMM Copper] Chilean Copper Mine strike continues to ferment Shanghai Copper is still running at a high level.
Jul 10,2020 17:57CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 10: today, the main force of Shanghai copper opened at 50470 yuan / ton in the morning, and copper prices rose rapidly after the opening, but with the decline of many flat into the market, after a short adjustment, copper prices rose from the position of 50420 yuan / ton, rising all the way, climbing a daily high of 50660 yuan / ton, and closed at 50600 yuan / ton in midday trading. Opening in the afternoon, the market fell rapidly, exploring the intraday low of 50290 yuan / ton. at this time, the bears made a profit and the copper price rebounded upwards, and finally closed at 50500 yuan, up 130 yuan / ton, up 0.26%. The intraday 08 contract reduced 5219 positions to 116000 positions, mainly by long positions; trading volume increased by 9000 lots to 153000 lots; and Shanghai Copper 07 contracts reduced positions by 6055 lots to 13000 lots, mainly by long positions. The number of US jobless claims announced last night in the week from July 4 to July 4 fell for the 14th week in a row, but the number is still more than one million, and it has been high for 16 consecutive weeks, unemployment remains high, and investor optimism has cooled somewhat; in addition, tensions between China and the United States have further escalated, global investors are worried that trade relations between the two countries will deteriorate again and damage the economy, and the macro situation will put pressure on copper prices. Fundamentally, the epidemic in South America has not been effectively alleviated, the copper strike in Chile continues to ferment, workers are voting on whether to accept the final wage agreement or strike, and the market tension on copper supply has not been effectively alleviated, supporting copper prices are still high. Today, Shanghai copper negative, KDJ opening convergence, but the bottom is still far away from multiple moving averages, the technical side of copper prices still have room to rise. Wait for the outer disk guidelines at night to test whether the bulls can continue to make efforts to support copper prices to continue to rise.

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