July 9 Copper Market Brief Review

Today's Shanghai copper main force opened at 50210 yuan / ton in the morning, after the opening of the bulls have increased their positions one after another, the market continued to rise to 50760 yuan / ton, and then the center of gravity around 50790 yuan / ton position briefly adjusted, until noon close at 50620 yuan / ton
.
At the opening of the afternoon, copper prices still continued to rise, at 50,700 yuan / ton a line of shock higher, climbing the high of 50800 yuan / ton, the end of the long profit, copper prices have fallen, and finally closed at 50690 yuan / ton, up 1040 yuan / ton, up 2.
09%.

Shanghai copper extended its rally today, mainly due to continued macroeconomic optimism
.
Today, the National Bureau of Statistics announced that China's national CPI in June rose 2.
5% year-on-year and decreased 0.
1% month-on-month; PPI decreased 3.
0% y/y and rose 0.
4%
qoq.
The decline in PPI narrowed, indicating that domestic and foreign demand continued to warm up, domestic infrastructure and manufacturing demand gradually recovered, and the market's expectations for copper demand continued to be optimistic, boosting market confidence and supporting copper prices
.

Fundamentals, according to the survey, China's electrolytic copper production in June decreased by 1.
42% month-on-month to 759,200 tons, and it is expected that domestic electrolytic copper production will continue to decrease by 2.
79% in July 2020 to 738,000 tons.

Shanghai copper has closed the sun for 3 consecutive days, the MACD red column continues to expand, and the lower jump is far away from multiple moving averages, and the technical picture is bullish copper prices
.
Wait for the guidance of the external disk to test whether the bulls can continue to exert force and hit the 51,000 yuan / ton mark
upward.