[brief Review of SMM Copper Futures] in July, PMI continued to pick up the domestic economy and continued to improve the copper market in Shanghai to repair some of the losses in the night market.

Published: Jul 31, 2020 16:03

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SMM July 31: today, the main force of Shanghai copper opened at 51750 yuan / ton in the morning. After the opening, Kongping mostly went up the copper price slightly, exploring the intra-day high of 51950 yuan / ton, but the rising kinetic energy was limited, and the disk slipped to 51700 yuan / ton, and it was arranged horizontally around this position until it closed at noon. In afternoon trading, copper prices briefly rose to 51870 yuan / ton and then fell again, crossing the daily moving average line to explore an intraday low of 51620 yuan / ton. The short part left the market at the end of the day, making the disk temporarily out of the low level, and finally closed at 51820 yuan / ton, down 10 yuan / ton, or 0.02%. Today, the main daily position of Shanghai Copper decreased by 3768 to 119000, mainly by short positions, while the trading volume increased by 25000 to 177000. 08 during the contract day, positions were reduced by 6927 to 47000, mainly by short positions, while trading volume decreased by 3000 to 26000. The novel coronavirus epidemic hit the economy much harder than expected, and last night the United States announced that GDP shrank sharply by 32.9% in the second quarter, the biggest drop since the 1940s. Uncertain prospects for economic recovery, coupled with the continued spread of the global epidemic, increased investors' pessimistic expectations, macro sentiment is not as expected to put pressure on copper prices, but China's manufacturing industry has steadily recovered, economic recovery growth has formed a good trend. In the morning, the National Bureau of Statistics announced that China's manufacturing PMI was 51.1% in July, above the 50 rise and fall line for five consecutive months. The manufacturing PMI index continued to recover, indicating a continued recovery in the domestic economy and boosting copper prices. Today, the closing of copper in Shanghai, the opening of KDJ has reined in, waiting for the outer disk guidelines in the evening to test whether the bulls can push again to support copper prices to continue to rise.

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