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[SMM Copper Morning News] Sino-US negotiations resume and remain strong after the upcoming copper price festival
Oct 8,2019 09:22CST
translation
The content below was translated by Tencent automatically for reference.

SMM, 8 Oct:

On Monday, copper rose as a whole, rising 0.67 per cent to $5727 a tonne, up 0.67 per cent, to close at $5707 a tonne. Due to expectations for the resumption of negotiations between China and the United States after National Day, Trump is still in the second step of impeachment, and as US economic data have increased expectations of another Fed rate cut, the dollar has fallen back and hovered around 98.8, pushing copper higher. At present, the market is focused on the 13th round of high-level consultations between China and the United States, as well as the attitude of the Federal Reserve on cutting interest rates again. The market remains on the sidelines on macro risk events. Federal Reserve Chairman Powell's speech in the early hours of this morning is still partial to eagles. Even if other officials say that the economy is in recession again, it is appropriate to restart QE. The market expects that even if the Fed cuts interest rates again, the probability of a sharp fall in the dollar is still small, which is not good for the copper market as a whole. And the global economy is now weakening in the form of intensification, the European economy is weak superimposed political turmoil short-term recovery difficulties, domestic copper consumer demand is still weak showing the phenomenon of weak peak season, gold, nine and silver 10 consumption recovery trend is not as expected. On the whole, there are still many factors in the bearish copper market. Spot today as a result of the return of the post-holiday market, downstream also need to have a certain purchase replenishment warehouse, in addition, holders consider the cost of holding goods during the holiday period, it is expected that the spot quotation will be high today. It is estimated that today's copper 56705720 US dollars / ton, Shanghai copper 4650047000 yuan / ton, spot water 20-100 yuan / ton.

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