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[brief Review of SMM Copper] New Progress in the Research and Development of New Crown Vaccine the main center of gravity of Shanghai Copper has been raised.
Jul 21,2020 16:24CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 21: today, the main force of Shanghai copper opened at 51900 yuan / ton in the morning, the copper price fell slightly after the opening, and then arranged horizontally around 51780 yuan / ton position. Bulls continue to increase positions led to copper prices rose slightly to 51950 yuan / ton, but the momentum is insufficient, the market has declined, closing at 51810 yuan / ton at noon. In early afternoon trading, Kongping mostly brought copper prices up slightly to intraday highs of 52040 yuan / ton. After falling about 50 yuan / ton, they fluctuated narrowly around 51910 yuan / ton. In late trading, they closed at 51870 yuan / ton, up 500 yuan / ton, or 0.97%. During the day, the number of positions in 09 contracts increased by 1014 to 113000, mainly by bulls, while trading volume increased by 55000 to 142000. 08 the contract day reduced positions by 3293 to 85000, mainly by short positions, while trading volume increased by 22000 to 131000. Under the dangerous situation of the surge in new crown pneumonia cases around the world, the news that new crown vaccine research had made new progress was reported. Last night, Shanghai copper was boosted by the good news, and then the center of gravity fell back to 51850 yuan / ton level. During the day, copper prices fluctuated around this position. During the day, EU leaders reached a consensus on the economic rescue package, which also boosted market sentiment. Today, the closing of copper in Shanghai, KDJ opening has some convergence, below the 5, 10-day moving average adhesion bottom, the technical side of copper prices still have upward momentum. In the evening, wait for the outer disk guidelines to test whether Shanghai Copper can stand at the 52000 yuan / ton mark.

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