Home / Metal News / Copper / [brief Review of SMM Copper] Macro optimism continues to heat up, superimposed fundamentals, and the center of gravity of Shanghai copper rises steadily.
[brief Review of SMM Copper] Macro optimism continues to heat up, superimposed fundamentals, and the center of gravity of Shanghai copper rises steadily.
Jul 22,2020 16:14CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 22nd: today, the main force of Shanghai copper opened at 52490 yuan / ton in the morning. after the opening, the bulls entered the market to pull up the copper price to a daily high of 52830 yuan / ton, but then the short positions increased to suppress the copper price, and the long positions continued to fall to 52420 yuan / ton. In the second trading session, the center of gravity of Shanghai Copper was arranged horizontally around 52560 yuan / ton until the midday close. Shanghai copper opened smoothly in the afternoon, fluctuating in a narrow range around 52540 yuan / ton, and fell near the end of the day, and finally closed at 52410 yuan / ton, up 550yuan / ton, or 1.06%. During the day, the number of positions in 09 contracts increased by 6783 hands, mainly as long positions increased; trading volume increased by 7000 lots to 149000 hands. 08 contract day reduced positions by 7283 to 78000, mainly for short positions; trading volume decreased by 40, 000 to 91000. The low interest rate environment superimposed with the sustained stimulus plan kept the macro optimistic tone unchanged, the price of base metals rose sharply, and there was good news from the fundamentals. Chilean miner Antofagasta announced that copper production fell 8.4% month-on-month in the second quarter, adding to market concerns about tight copper supply and providing support for copper prices. Today, Shanghai copper closed, KDJ opening convergence, below still jump off multiple moving averages, technical point of view copper prices still have upward momentum. Wait for the guidance of the outer disk in the evening to test whether the bulls can push again to support Shanghai Copper to hit the 53000 mark.

Copper futures
brief review of SMM

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn