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[brief Review of SMM Copper Futures] crude oil falls to curb the rise in copper prices. Shanghai Copper runs below the daily average line today.
Jul 14,2020 16:29CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 14: today's 09 contract position has exceeded 08 contract, Shanghai copper position to complete the change of the month. Today, the Shanghai Copper 09 contract opened at 52470 yuan / ton in the morning. after the opening, the copper price fell rapidly, exploring an intraday low of 51800 yuan / ton. then the bulls gradually increased the copper price upward, and the center of gravity stabilized at 52190 yuan / ton until the close before noon. Opening in the afternoon, the bulls made a profit and left the market, the market declined, and the copper price fell to 51890 yuan / ton. At this time, the bulls increased their positions and pulled up the copper price for a short time. Near the end of the day, the bulls reduced positions fluctuated and finally closed at 52190 yuan, down 120 yuan, down 0.23%. During the day, 09 contracts increased their positions by 3033 to 111000, mainly as short positions increased, with trading volume reduced by 35000 to 128000; 08 contracts opened at 52490 yuan / ton in the morning, closed at 52210 yuan / ton, and reduced positions by 6828 to 108000 in the day. Long and short parties accelerated the reduction of their positions, and the trading volume decreased by 82000 to 190000. With delivery approaching, the monthly contract of Shanghai Copper today reduced its position by another 3540 to 4445. At present, Shanghai Copper has a contango structure, and the price difference between 08 contract and 07 contract fluctuates around 30 yuan / ton. During the day, copper in Shanghai fell, mainly due to the impact of the linkage of international oil prices. Saudi Arabia proposed that OPEC+ discuss cutting production from 9.6 million b / d to 7.7 million b / d at its meeting on July 15, as concerns about the contradiction between supply and demand stimulated the market as the epidemic continued to affect the recovery of crude oil demand. Us oil and cloth oil fell today, dragging down copper prices. In addition, Sino-US relations continue to be strained, market preference has been suppressed, and the upward trend of copper prices has been hampered. Today, Shanghai copper negative, KDJ opening down expansion, but below is still far away from all moving averages, the uplink channel has not changed. 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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