SMM July 17: today, the main force of Shanghai copper opened at 51470 yuan / ton in the morning. After the opening, more copper prices were put under pressure. The short-term price of Shanghai copper fell to 51320 yuan / ton, which was supported at the daily average line. The bulls gradually increased their positions, and the copper price rebounded higher, climbing the intraday high of 51730 yuan / ton. Whenever this high position long profit left the market superimposed short positions, the market continued to decline, until the midday close at 51360 yuan / ton. In the afternoon, the copper price fell to the intraday low of 51170 yuan / ton and rebounded at the low level, while the center of gravity rose slightly to 51330 yuan / ton. Near the end of the day, short sellers left the market and finally closed at 51410 yuan / ton, up 170 yuan / ton, or 0.33%. During the day, the number of positions in 09 contracts increased by 3776 to 112000, showing a long increase in positions, while trading volume increased by 24000 to 140000. 08 contract day reduced positions by 5053 to 92000, showing a reduction in short positions; trading volume decreased by 94000 to 140000. On the macro front, the economy remains loose. The money supply M2 announced by the United States today increased sharply, and economic momentum continued to recover. In addition, the European Central Bank plans to use the full quota of its anti-epidemic emergency bond purchase program to keep interest rates and stimulus measures unchanged on Thursday. Market liquidity continued to be positive, helping to stabilize copper prices. Today, Shanghai Copper Shengyang, trapped in the 5-10 moving average range, pay attention to the leading trend of Night Copper, see whether the bulls can continue to make efforts, maintain the 10-day moving average and recapture the 5-day moving average.