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[brief Review of SMM Copper Futures] tensions between China and the United States escalated again. Today, the copper overcast in Shanghai runs below the daily average line.
Jul 16,2020 17:04CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 16: today's Shanghai Copper 09 contract opened at 51230 yuan / ton in the morning. After the opening, the copper price of the bulls fell briefly, and then the bulls entered the market one after another, driving up the copper price and exploring the intraday high of 51340 yuan / ton. With the air level more in, the disk fell slightly, closing at 51090 yuan / ton at noon. Open in the afternoon, multi-air forces stalemate, Shanghai copper continued the concussion trend. Copper prices went all the way down from 51070 yuan / position, probing into the intraday low of 50580 yuan / ton, and closed slightly back in late trading, closing at 50710 yuan / ton, down 1780 yuan / ton, or 3.4%. During the day, 09 contracts reduced positions by 1949 to 109000, showing a long reduction in positions, while trading volume increased by 75000 to 167000. 08 contract day reduced positions by 10861 to 97000, showing a long reduction, while trading volume increased by 87000 to 234000. At present, Shanghai Copper still maintains the back structure, and the contract price difference of 08mur09 is about 50 yuan / ton. Copper concussion in Shanghai fell today, running below the daily moving average. Recently, tensions in Sino-US relations have further escalated. The US said it would impose visa restrictions on specific employees of Chinese technology companies, including Huawei, as global investors worried that another deterioration in trade relations between the two countries would hurt the economy and put pressure on copper prices when macro sentiment cooled. In addition, the fall in oil prices today also dragged down the price of copper. The fundamentals have not changed much. Today, Shanghai copper closed negative, giving up the previous three days of gains, MACD red column significantly shrank, close to the 10-day moving average below, waiting for the outer disk guidelines in the evening to test whether Shanghai Copper can return to the 51000 mark.

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