[brief comment on SMM copper futures] the market waits for the Federal Reserve to signal that copper prices continue to fluctuate and weaken.

SMM July 10 News: today, Shanghai Copper main contract 1909 opened in the morning at 45910 yuan / ton, and then rose slightly to 46000 yuan / ton level and then continued to fall back, and fell to the lowest level of 45840 yuan / ton, the center of gravity here for a period of time and continue to pull all the way up, breaking through the 46000 yuan / ton mark, after the opening of afternoon trading, the market continued to rise, and in the vicinity of 46080 yuan / ton small concussion finishing, Subsequently, the market continued to fall below the 46000 yuan / ton mark to 45970 yuan / ton, and rose slightly to 46080 yuan / ton at the end of the day. It fell 210 yuan per ton, or 0.45%. Today, the position of Shanghai Copper's main contract increased by 18000 to 248000, and the trading volume increased by 87000 to 221000. The Shanghai Copper 1908 contract reduced its position by 6060 to 192000, and the Shanghai Copper 1910 contract increased its position by 6598 to 90, 000. The Shanghai Copper Index rose nearly 10, 000 hands to 625000 today, while trading volume rose 145000 to 423000. Today, Shanghai copper in the non-ferrous plate capital inflow bright eye, reached 143 million. Today, Shanghai copper as a whole is in a low and volatile pattern, with the overall performance of short positions, mainly due to the recent weakness of the European economy, the unknown prospect of Brexit, the sharp fall in sterling, and the market waiting for the speech of Federal Reserve Chairman Powell to judge the expectation of interest rate cuts. Today's release of PPI data less than expected, the overall macro situation is not clear, global risk aversion sentiment is still heavy, not conducive to copper prices up. Today, copper prices continue to fluctuate near the 46000 yuan / ton pass. At present, the Shanghai Copper K Line has lost all EMA support, MACD Green column continues to lengthen, and the technical side is still short of copper prices. Waiting for guidance from the outside market at night, can Shanghai Copper stand firm at 45800 yuan / ton at this time.

(SMM Song Yao)