[brief Review of SMM Copper Futures] geopolitical risks intensify pressure on the price of copper and the main force of Shanghai copper operates sideways within the day.

SMM July 27th: today, the main force of Shanghai copper opened at 51640 yuan / ton in the morning, and the bulls increased their positions after the opening to pull the short-term rise in copper prices, but the promotion energy was insufficient, and the disk fell to 51490 yuan / ton. After exploring the low copper price, it rebounded slightly and arranged horizontally around 51600 yuan / ton. In the second trading session, the center of gravity of Shanghai copper rose somewhat, crossed the daily moving average and climbed the intraday high of 51870 yuan / ton, closing at 51720 yuan / ton at noon. In the afternoon, copper prices fell below the daily average, the center of gravity stabilized at 51630 yuan / ton, and closed at 51600 yuan / ton in late trading, down 200 yuan / ton, or 0.39%. Today, the main contract of Shanghai Copper reduced its positions by 164lots to 113000 hands, mainly for short positions, and the trading volume decreased by 47000 lots to 152000 hands. 08 during the contract day, positions were reduced by 2903 to 69000, mainly by short positions, while trading volume decreased by 24000 to 49000. Today, the overall trend of copper in Shanghai is stable, and the macro aspect is still dragged down by tensions between China and the United States. geopolitical risks have led to a continuous rebound in market risk aversion and pressure on copper prices, but the macroeconomic environment continues to improve. Manufacturing PMI in Europe and the United States rose above the boom-bust line in July, and Shanghai copper was boosted by positive factors of sustained economic improvement. From a fundamental point of view, the mine-side supply problems caused by the South American epidemic still exist. Customs data show that Peruvian copper concentrate imports fell 28.75% in June from a year earlier, and short-term tight mine supply also supported high copper prices. Today, Shanghai copper closed the sun, the upper pressure 5 days, 10 days moving average, in the evening waiting for the outer disk guidelines, test whether Shanghai copper can go up again.