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[brief Review of SMM Copper Futures] Chilean copper mine strikes to vote for supply concerns stimulate the market of Shanghai copper to rise by more than 5% in a day.
Jul 13,2020 16:42CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 13: today, the main force of Shanghai copper opened at 52340 yuan / ton in the morning. after the opening, the copper price was arranged horizontally around 52640 yuan / ton position, and then the bulls continued to increase their positions to pull up the copper price, climbing a daily high of 53510 yuan / ton. At this time, the bulls took profits, briefly slipped to around 52810 yuan / ton, and then rebounded to close at 53240 yuan / ton in the afternoon. Copper prices opened in the afternoon for horizontal finishing, the center of gravity stabilized at 53180 yuan / ton position. Near the close, some bulls fell into the bag, and copper prices fell slightly and finally closed at 52880 yuan / ton, up 2380 yuan, or 4.71%. Today, the main contract of Shanghai Copper reduced its position by 908 to 115000, mainly as short positions were reduced, and the position was about to be completed. Next, focus on the monthly change of the main contract; trading volume increased by 119000 to 272000. Shanghai Copper 07 contract within the day accelerated reduction of 5290 positions to 7985 hands, mainly for short positions. 09 contracts significantly increased positions by 9259 hands to 108000 hands, and daily positions increased by more than 10,000 hands, mainly by bulls. Today, the copper in Shanghai is still strong, mainly due to the positive superimposed fundamentals of sustained macroeconomic easing, the scale of social financing in China in June far exceeded the value and forecast, and remained at a high level as a whole. continued monetary easing provides positive factors for the expected improvement of the capital market. The China Automobile Association released auto production and sales figures for June, up 22.5% and 11.6% from a year earlier, breaking the all-time high of production and sales in June, indicating that terminal manufacturing continues to pick up and macro optimism is good for copper prices. Fundamentals, Chile copper mine news again, Chile Antofagasta Minerals's Zaldivar copper mining union said that the copper mine workers voted to strike after rejecting the wage agreement. As soon as the news came out, the market worried about the supply strain caused by the copper strike in Chile, and the supply side remained tight, supporting the high price of copper. Today, Shanghai copper closed, MACD red column has increased, and the lower high jump is far from the multiple moving averages, volume price increase bullish forces are still gathering, the technical point of view is bullish copper price. 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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