SMM, 10 October:
Last night, internal and external trading continued to stay low, Lun copper closed at $5688 / ton. Up 0.08%. Shanghai copper exploration rebounded, low down 46500 yuan / ton level, the end of the rebound and closed at 46600 yuan / ton, down 0.09%. The Shanghai copper index continued to increase its position by 8254 to 566000. The main reason for the decline is still the Fed hawkish signal to push up the dollar, coupled with Powell said the U. S. economy is still doing well, the U. S. index continues to stand above the 99 level, copper prices under pressure weaker. The minutes of the Fed's September meeting early this morning showed that officials remained divided, but most officials believed it was necessary to raise expectations for the Fed to cut interest rates in order to fend off the recession. On the European side, the EU's refusal to budge the Irish border has destabilized Brexit again, and the pound continues to fall, adding to economic pressure in Europe. Overall, the weakness of the global economy has not improved, EIA crude oil stocks exceeded expectations also reflect the weak demand side, bearish copper market signals are more. At present, the market is focusing on the results of further negotiations between China and the United States over the past two days to guide the further direction of copper prices. It is expected to remain low today. Spot due to lower prices, the market transaction improved yesterday, low prices to attract more downstream replenishment, today's session to continue to maintain a low level, it is expected that the market trading mood is good, will promote the holder to push forward the price. It is estimated that Lun copper 5650-5700 US dollars / ton, Shanghai copper 46400-46800 yuan / ton, spot water 120-150 yuan / ton.
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