[brief Review of SMM Copper Futures] Market risk appetite tends to be cautious. Shanghai Copper receives negative results today.

SMM July 20: today, the main force of copper in Shanghai opened at 51390 yuan / ton in the morning. After the opening of trading, the copper price quickly fell to 51210 yuan / ton, rebounded slightly and fell again, with a daily low of 51120 yuan / ton. After that, with the bulls increasing positions one after another, copper prices fluctuated upward, the center of gravity rose to 51300 yuan / position, and closed at 51310 yuan / ton at noon. In the afternoon, bulls entered the market to drive up copper prices to the highest point of the day, 51450 yuan / ton, but long days continued to promote limited energy, the market declined slowly, near the end of the day, bulls reduced their holdings and left the market. Copper prices finally closed at 51270 yuan / ton, down 120 yuan / ton, down 0.23%. During the day, 09 contracts reduced positions by 294 to 112000, mainly by long positions, while trading volume decreased by 29000 to 87000. 08 the contract day reduced positions by 4203 to 88000, mainly by long positions, while trading volume decreased by 31000 to 109000. The central bank's one-year lending rate announced today remains unchanged at 3.85%, the tone of monetary policy easing remains unchanged, and investors remain cautiously optimistic. However, market worries about the continuing grim state of the new crown epidemic plaguing the economic recovery still exist. At present, the global new crown confirmed cases have broken through the 14 million mark, while the epidemic has not yet ended and tensions between China and the United States continue to ferment. Market expectations for the prospects of economic recovery have been suppressed, putting pressure on copper prices. Today, Shanghai copper negative, KDJ opening continues to expand, the upper pressure 5-day moving average, waiting for the outer disk guidelines at night, test whether the bulls can defend the 10-day moving average.