[brief Review of SMM Copper Futures] the government work report did not specify that GDP was less than the market expected that Shanghai copper fell from its high today.

SMM, May 22:

Today, the main force of Shanghai copper opened at 43880 yuan / ton in the morning. After opening, the copper price fell flat, and the copper price fell to 43690 yuan / ton in the short term. Then the bullish positions led the copper price to rebound slightly, but the promotion energy was insufficient, and the short-selling pressurized disk fell to 44330 yuan / ton. Copper prices rebounded slightly after exploring low prices, the center of gravity stabilized at 43440 yuan / ton, and closed at 43520 yuan / ton at noon. Opening in the afternoon, copper prices fluctuated slightly around 43450 yuan / ton, and the copper price fell slightly, closing at 43260 yuan / ton, down 940 yuan / ton, or 2.13%. Today, the main contract of Shanghai Copper reduced its positions in the day by 4263 to 109000, mainly by long positions; the trading volume increased by 40000 to 147000; and the Shanghai Copper Index reduced its positions by 8405 to 332000, mainly by long positions. The government work report for 2020 released today did not set a specific GDP growth target, confirming the market's expectation of serious economic damage. In addition, tensions between China and the United States have further escalated as global investors worry that another deterioration in trade relations between the two countries will damage the economy, and the recent upsurge of risk sentiment has put pressure on copper prices. The fall in oil prices today also dragged down copper prices. The fundamentals have not changed much. Today, Shanghai copper closed negative, giving up the previous three days of gains, MACD red column significantly shrank, close to the 5-day and 10-day moving average, waiting for the outer disk guidelines in the evening to test whether Shanghai Copper can hold the 43000 mark.