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[brief Review of SMM Copper Futures] the intra-day depth of gold and silver pullback today, the main force of Shanghai copper opened high and left low.
Jul 28,2020 16:14CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 28th: today, the main force of Shanghai copper opened at 51700 yuan / ton in the morning. After the opening, the bulls entered the market to pull up the copper price above 52000 yuan / ton, to the day's highest point of 52250 yuan / ton, but the short sellers suppressed the market rapidly. After falling about 400 yuan / ton, the center of gravity stabilized at 51900 yuan / ton. At this time, more than flat copper prices fell again, closing at 51640 yuan / ton at midday. Copper prices opened in the afternoon to explore the intraday low of 51360 yuan / ton, near the end of the day, the center of gravity of copper in Shanghai slightly rose to 51570 yuan / ton, and finally closed at 51540 yuan / ton, down 150 yuan / ton, down 0.29%. Today, the main daily position of Shanghai Copper increased by 1788 to 115000, mainly for short positions, and trading volume increased by 15000 to 167000. 08 during the contract day, positions were reduced by 3314 to 66000, mainly by long positions, while trading volume decreased by 9000 to 40, 000. Against the backdrop of tense international relations, severe novel coronavirus epidemic and market expectations that the Federal Reserve will remain loose for a long time, the US dollar is under full pressure, with precious metals such as gold and silver soaring to record highs, and copper prices are also boosted, opening high and breaking the 52000 mark in the morning. There was a deep correction in gold and silver during the day, and copper prices fell under pressure. Fundamentally, although the strike at the Centinela copper mine in Antofagasta, Chile has been avoided, the tight supply pattern at the mine side has not changed the market, and copper prices are still supported. Today, Shanghai Copper Yang, KDJ opening convergence, but the top is still under pressure 5-day, 10-day moving average. Wait for the guidance of the outer disk at night to test whether Shanghai Copper can reach the 52000 mark again.

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