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[brief Review of SMM Copper Futures] novel coronavirus's escalating epidemic crisis has left the market worried that the main force of Shanghai Copper is still difficult to break the 52000 mark.
Jul 30,2020 16:27CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 30: today's main copper in Shanghai opened at 52150 yuan / ton in the morning, the opening is the highest point of the day. After the opening, the short positions put pressure on the copper price, and the price quickly fell to 51810 yuan / ton. after a brief adjustment, the copper price fell again from 51940 yuan / position to about 200 yuan / ton. In the second trading session, the center of gravity of copper prices rose somewhat, closing at 51890 yuan / ton at noon. At the beginning of afternoon trading, it was suppressed by short-sellers. Copper prices crossed the daily average line and went all the way down to explore the intraday low of 51600 yuan / ton. In late trading, it closed at 51690 yuan / ton, down 80 yuan / ton, or 0.15%. Today, the main daily position of Shanghai Copper increased by 2311 to 123000, mainly for short positions, and trading volume increased by 15000 to 152000. 08 during the contract day, positions were reduced by 7198 to 54000, mainly by long positions, while trading volume decreased by 4000 to 29000. In the early morning, the Fed FOMC meeting announced that the benchmark interest rate will remain unchanged in the range of 0% ul. 0.25%, and will continue to release liquidity easing policy. The tone of monetary policy easing remained unchanged, boosting investor confidence, but the Fed also reiterated that the outlook for the US economy would depend to a large extent on the development of the novel coronavirus epidemic. At present, novel coronavirus's confirmed cases around the world have broken through the 17 million mark, and the escalating novel coronavirus epidemic crisis has made investors look at the economic situation cautiously, thus putting some pressure on copper prices. Today, Shanghai copper negative, KDJ opening expansion, but the bottom is still supported by the 5-day, 10-day moving average, copper price callback space is limited. In the evening, waiting for the outer disk guidance, test Shanghai copper rose again to recover the decline.

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