Home / Metal News / Copper / [brief Review of SMM Copper Futures] tensions between China and the United States continue to ferment. Today, copper in Shanghai is overcast and gives up yesterday's increase.
[brief Review of SMM Copper Futures] tensions between China and the United States continue to ferment. Today, copper in Shanghai is overcast and gives up yesterday's increase.
Jul 23,2020 16:09CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 23: today, the main force of copper in Shanghai opened at 51950 yuan / ton in the morning. After the opening, the center of gravity of copper price fluctuated in a narrow range around 51920 yuan / ton position. Later, due to a decline in more flat into the disk, the daily low of 51590 yuan / ton position was explored. Copper prices rebounded at a low level, with the center of gravity rising about 100 yuan / ton to close at 51750 yuan / ton at noon. Opening in the afternoon, Shanghai Copper was operating smoothly near the 51710 yuan / ton first line. Near the end of the day, bullish copper prices rose to close at 51970 yuan / ton, down 460 yuan / ton today, or 0.88%. During the day, 09 contracts reduced positions by 2190 to 118000, mainly by long positions, while trading volume increased by 23000 to 172000. 08 during the contract day, positions were reduced by 2763 to 75000, mainly by long positions, while trading volume decreased by 19000 to 72000. Copper in Shanghai fell today, mainly as escalating tensions between China and the United States hit market optimism. Last night, under the influence of the US political provocation demanding the closure of the Chinese consulate in Houston, the copper night market in Shanghai opened low and the center of gravity shifted somewhat. Tensions between China and the United States continued to grow, investors were unnerved by new diplomatic disputes, and risk aversion rebounded to weigh on copper prices. Today, Shanghai copper negative, KDJ opening expansion, but there are still 5, 10-day moving average adhesion to the bottom. Wait for the outer disk guidelines at night to test whether the bulls can push again to support copper prices to continue to rise and stand firm at the 52000 mark.

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