[brief comment on SMM copper futures] the market waits for news of the Fed meeting, and copper prices continue to maintain a volatile trend.

SMM June 18: today's Shanghai copper main contract 1908 opened in the morning at 46330 yuan / ton, after the opening of the day high 46410 yuan / ton, high after a small consolidation, the disk fell to 46320 yuan / ton, and then the center of gravity continued to move up, and in 46320 between 46390 yuan / ton shock finishing, the afternoon session tried to explore 46220 customs position, and then quickly pulled up, closing at 46330 yuan / ton, up 170 yuan / ton, an increase of 0.37%. Today, the main contract position of Shanghai Copper remained unchanged at 249000 hands, with trading volume reduced by 2004 hands to 120000 hands. Shanghai Copper 1907 contract today reduced its position by 11000 hands to 172000 hands, while trading volume increased by 4984 hands to 69000 hands. Positions in Shanghai Copper Index contracts fell 13000 to 605000 today, while trading volume fell 8336 to 226000. Today, the outflow of funds from the non-ferrous plate was as high as 1 billion yuan, while the outflow of copper funds from Shanghai was 168 million. Macroscopically, the market is waiting for the Fed to cut interest rates, the market is waiting for the Fed meeting news, the overall performance of copper prices today consolidation trend, above the pressure on the 10-day moving average, MACD index red column increased, technology in the face of copper prices have a small support, waiting for external guidance at night, test whether Shanghai copper can stand firm 46330 yuan / ton.

(SMM Song Yao)