Home / Metal News / Copper / [brief Review of SMM Copper Futures] the contradiction between China and the United States continues to intensify. Shanghai copper is under pressure today.
[brief Review of SMM Copper Futures] the contradiction between China and the United States continues to intensify. Shanghai copper is under pressure today.
Jul 24,2020 15:46CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 24th: today, the main force of Shanghai copper opened at 52080 yuan / ton in the morning, after the opening, the copper price of long positions fell slightly, the center of gravity was arranged horizontally around 51990 yuan / ton, and then the copper price fluctuated down to 51670 yuan / ton, and then rebounded upwards, raising about 140yuan / ton on the center of gravity and closing at 51770 yuan / ton in midday trading. Opening in the afternoon, the short forces entered the market and fell rapidly, accompanied by the concussion of copper prices in long positions, with a daily low of 51060 yuan / ton. At this time, the air flat more into, so that the disk temporarily out of the low upstream to 51540 yuan / ton. At the end of the day, the copper price fell again in the long part of the market, and finally closed at 51220 yuan / ton, down 520 yuan / ton, or 1.01%. During the day, 09 contracts reduced positions by 4458 to 113000, mainly by long positions, while trading volume increased by 27000 to 199000. 08 during the contract day, positions were reduced by 2633 to 72000, mainly by long positions, while trading volume increased by 1000 to 73000. Today, the decline of copper in Shanghai is mainly due to the cold macro mood. Sino-US relations have further escalated due to the closure of the consulate. Today, the Chinese Ministry of Foreign Affairs informed the US Consulate General in Chengdu to close, and relations between the two countries fell to the lowest level in 40 years. The contradiction between China and the United States continues to intensify and hit the market optimism, and the market risk appetite is damaged to put pressure on the copper price. Today, copper in Shanghai closed in the negative, giving up the gains of the previous three days. The KDJ opening continued to expand downward, and the upper pressure averages for 5 days and 10 days. Wait for the outer disk guide at night to test whether Shanghai Copper can hold the 51000 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