[brief comment on SMM copper futures] the market waits for the trade negotiations between China and the United States to maintain a volatile pattern of copper prices.

SMM July 26th news: this morning Shanghai copper main contract 1909 opened at 46980 yuan / ton, the opening day of the lowest position of 46930 yuan / ton, followed by short positions, the disk continued to rise after probing low, until the afternoon market has been maintained at 46970 47040 yuan / ton near the shock finishing, afternoon after the opening of the short-term rush to the highest level of 47120 yuan / ton, the market lack of confidence in the high, after a small probe and shock fell back, the market in the afternoon after the opening of the short-term rush to the highest level of 47120 yuan / ton, the market lack of confidence in the high, after a small high and shock fell back, the market in the afternoon after the opening of the short term rushed to the highest level of 47120 yuan / ton. At the end of the day, it closed at 47050 yuan / ton, down 10 yuan / ton, or 0.02 per cent. Today, the position of Shanghai Copper's main contract decreased by 3138 hands to 243000, the trading volume increased by 8922 hands to 107000 hands, the Shanghai Copper Index's position volume decreased by 4220 hands to 570000 hands today, and the trading volume increased by 3320 hands to 195000 hands. At present, Shanghai Copper is bearing pressure on the strong high level of the US dollar, and it is difficult to have the impulse to do so, and the trend of the US dollar rose strongly to 97.9 in the afternoon, as the market generally believes that the Fed will not adopt a large-scale easing monetary policy, and the expectation of a 50 basis point cut in interest rates has basically been digested. The dollar is at a high level and copper prices continue to be under pressure. At the same time, the market is waiting for next week's Sino-US trade talks to test whether it can further boost copper prices. Today, Shanghai copper continued to close the shade, the next shadow line nearly broke the Brin middle rail, the upper pressure 5-day moving average, technical indicators continue to be negative to the copper market. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand at the 47000 yuan / ton gate.

(SMM Song Yao)