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[brief Review of SMM Copper Futures] affected by the epidemic, worries about the macroeconomic outlook still remain in the main force of Shanghai Copper, which is difficult to break the 53000 mark.
Jul 15,2020 16:26CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 15: today, the Shanghai Copper 09 contract opened at 52520 yuan / ton in the morning. After the opening, the bulls increased their positions and pulled up the copper price in the short term, exploring a daily high of 52700 yuan / ton, but then the short positions increased to suppress the copper price, and the long positions continued to fall to 52260 yuan / ton. At this time, Kongping more copper prices rebounded, the center of gravity around 52430 yuan / ton position shock adjustment, until the midday close. Opening in the afternoon, bulls entered the market to drive up the copper price to 52610 yuan / ton, but the upward momentum was insufficient, and the market fluctuated and fell. At the end of the day, the bulls made a profit and left the market, and the market declined rapidly, closing at the lowest point of the day, 52120 yuan / ton, down 260 yuan / ton, or 0.5%. During the day, the contract reduced its position by 734 to 110000, showing a long reduction in position, while the trading volume decreased by 36000 to 92000. The copper concussion in Shanghai fell during the day, mainly due to the cold macro mood. At present, the number of confirmed cases of the new crown epidemic continues to rise to nearly 13.5 million, and the escalating crisis of the new crown epidemic has further overshadowed the prospects of economic recovery. in addition, with increasingly strained relations between China and the United States, Trump publicly "persuaded" the European Union to boycott Huawei on the grounds of trade policy. with the United States escalating its crackdown, the British government announced today that it will stop buying new Huawei equipment and dismantle used Huawei equipment by 2027. In this case, risk aversion in the market re-accumulated, copper prices fell under pressure. Today, Shanghai copper negative, KDJ opening expansion, but the lower averages are still long arrangement, copper price callback space is limited. In the evening, waiting for the outer disk guidance, test Shanghai copper rose again to recover the decline. Today, the Shanghai Copper 2007 contract faces delivery. It opened at 52210 yuan / ton and closed at 52280 yuan / ton, up 150 yuan / ton, or 0.29%. It was settled at 52410 yuan / ton, with a position of 3240 lots and a delivery volume of 16200 tons.

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