[brief comment on Copper in SMM] US economic data weakens and lowers US dollar copper prices to maintain stability

SMM July 18: today Shanghai copper main contract 1909 opened in the morning at 46840 yuan / ton, opened under 46830 yuan / ton immediately recovered to 46930 yuan / ton, and then some bulls actively closed their positions, after a small probe fell to the lowest level of 46720 yuan / ton, and then low rebound, copper prices continued to rush to 46910 yuan / ton. After falling to 46760 yuan / ton in the afternoon, the center of gravity moved up to 46840 yuan / ton to maintain a concussion. At the end of the day, it fell slightly and closed at 46780 yuan / ton, down 210 yuan / ton, or 0.45 per cent. Today, Shanghai Copper's main contract position decreased by 2396 hands to 243000 hands, while trading volume decreased by 35000 hands to 140000 hands. Positions in the Shanghai Copper Index fell 5046 hands to 568000 today, while trading volume fell 42000 hands to 248000. Today, the overall performance of Shanghai copper is a volatile pattern, the market is still expected to cut interest rates, the US dollar today broke through the 97 mark, copper prices are supported to maintain the volatile trend, further attention to the Federal Reserve news and Sino-US trade situation, will form a guide to copper prices. At present, Shanghai copper cross star, above the pressure of the 5-day moving average, KDJ indicators open under the expansion, the technical side of a small negative copper prices. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand at the 46800 yuan / ton gate.

(SMM Song Yao)