SMM, 9 October:
Overnight, the trend of internal and external trading continued to stay low, Lun copper fell back and closed at $5683 / ton, down 0.42%. Shanghai copper jumped short and closed at 46680 yuan / ton, down 0.3 per cent. The Shanghai copper index increased its position by 5566 hands to 550000. The decline was mainly due to Federal Reserve Chairman Colin Powell's attitude toward interest rate cuts, which supported the US index with a sharp fall in sterling against the dollar and the euro against the dollar. The dollar continued to maintain stability and rose to a high of 99.2, putting pressure on copper prices. The current foreign economic turmoil, Britain's difficult road to Brexit, sterling also fell to a new low in nearly a month, dragging down the European economy, while risk aversion continued to rise, CMX gold continued to stand at a high of $1510 / oz. The US PPI data in September were lower than expected, and due to the disappointing data released recently, the market increased expectations of another rate cut by the Federal Reserve, and the overall macro and geopolitical situation abroad was both negative for the copper market. At present, the market is focusing on the progress of Sino-US trade negotiations and the Fed's restatement to further judge the economic trend. Domestic copper consumer recovery is still less than expected, downstream enterprises are not optimistic, the demand side is difficult to say substantial good. Copper prices are expected to continue to hover low today, Shanghai copper closed negative today, has fallen below the full moving average support level. Spot, yesterday's market quotation performance overstated low trend, high price market acceptance is low, today's disk price performance fell back, is expected to attract downstream purchase demand, market quotation is expected to stop falling. It is estimated that today's copper 56705720 US dollars / ton, Shanghai copper 46400-46900 yuan / ton, spot water 80-120 yuan / ton.
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