[brief comment on SMM Copper] the deterioration of US-Iraq relations and the upgrading of copper prices are still weak.

SMM, June 24: today, the main contract of Shanghai Copper 1908 opened at 46830 yuan / ton in the morning, and then reached the lowest of 46750 yuan / ton in the day. Subsequently, the market showed a trend of pulling up, but the rising power was insufficient, and the copper price fell back many times. Finally, the copper price reached the highest level of 46880 yuan / ton in the day. After a small probe, the market continued to decline. After the opening of afternoon trading, the bulls actively reduced their positions, copper prices fluctuated all the way down and spit out all the increases in the morning. At the end of the day, it closed at the lowest level of 46750 yuan per ton, down 46750 yuan per ton, or 0.3 per cent. Today, the main contract of Shanghai Copper reduced its position by 612 hands to 245000 hands, and the trading volume decreased by 27000 hands to 138000 hands. Shanghai Copper 1909 and 1910 contracts increased by 5722 hands to 162000. The Shanghai Copper Index contract lost 2600 hands to 586000 today. Trading volume fell by 54000 hands to 247000. The lack of confidence in the copper price rally today is mainly due to the further deterioration of the situation in the United States and Iraq, resulting in a strong atmosphere of risk aversion in the market, the superposition of economic slowdown in Europe, the spread of overall macro weakness, and concerns with the market about the outcome of the G20 negotiations. it is difficult for many factors to support the copper price to stand firm. At the technical level, the KDJ index of Shanghai copper shows a negative trend today, the red column of MACD index is shortened, and the technology is lack of support in the face of copper price. At night, we wait for the guidance of the outside market to test whether Shanghai copper can hold the 46700 yuan / ton gate.

(SMM Song Yao)