[brief Review of SMM Copper Futures] Macro optimistic tone does not change the main force of Shanghai Copper has closed for three days in a row.

Published: Jul 29, 2020 16:02

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SMM July 29th: today, the main force of Shanghai copper opened at 51770 yuan / ton in the morning, and the opening was pressured by a lot of flat copper prices. Shanghai copper concussion fell to explore an intraday low of 51640 yuan / ton. With bulls increasing positions one after another, the center of gravity of Shanghai copper fluctuated in a narrow range above the daily moving average until it closed at 51710 yuan / ton at noon. At the opening of the afternoon, bulls entered the market to pull up copper prices to climb the intraday high of 51990 yuan / ton. Bulls made profits from this high position and superimposed short positions, and the market declined, falling to 51790 yuan / ton. Near the end of the day, the center of gravity of copper in Shanghai rose slightly, and finally closed at 51880 yuan / ton, up 180 yuan / ton, up 0.35%. Today, the main daily position of Shanghai Copper increased by 5412 to 120000, mainly by bulls; trading volume decreased by 40, 000 to 127000. 08 during the contract day, positions were reduced by 5204 to 61000, mainly by short positions, while trading volume decreased by 7000 to 33000. The Federal Reserve said it would extend seven emergency lending facilities until the end of the year, with the implementation of strong fiscal and monetary stimulus policies in the United States maintaining an optimistic tone; in addition, the API crude oil inventory announced in the United States last night was much lower than the previous value, which boosted oil prices and linked copper prices to rise. The Fed's FOMC meeting is about to begin, and the market is betting on more economic stimulus, boosting market risk appetite and helping copper prices run high. Today, the copper in Shanghai has closed, and the opening of KDJ has been reined in. In the evening, we will wait for the guidance of the outer plate to test whether the copper in Shanghai can rush up again.

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