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[SMM Copper Morning News] Sino-US trade negotiations are good for copper prices to fluctuate upward
Oct 14,2019 08:59CST
The content below was translated by Tencent automatically for reference.

SMM, 14 October:

Last Friday night in European trading Duan Lun copper rose in the afternoon after the center of gravity remained at the $5800 / ton level began to consolidate. After entering the US session, copper prices fell back quickly, falling $5766.5 / tonne, and then quickly rebounded back to $5811.5 / tonne. Copper prices fell again after hitting highs, falling to $5782.5 a tonne and then rising as high as $5820 a tonne. Before the close, copper prices fell back near the 5800 mark, closing up 0.39 per cent at $5803 a tonne. Lun copper trading volume of 14000 hands, position reduced by 2858 hands to 271000 hands. Overnight Shanghai copper 1912 contract opened at 47000 yuan / ton, after the opening of copper prices rose rapidly, after 47190 yuan / ton copper prices fell back to 46960 yuan / ton position. Then copper prices fluctuated upward, the center of gravity moved up to 47100 yuan / ton. In the end, Shanghai copper closed at 47110 yuan / ton, up 0.34%. Shanghai copper index trading volume of 132000 hands, the total position increased by 5204 hands to 554000 hands.

Last Friday, internal and external trading continued to rise, Lun copper high above $5825 / ton, closed at $5803 / ton, up 0.39%, Shanghai copper's highest level above 47200 yuan / ton, closed at 47110 yuan / ton, up 0.43%. Mainly due to good trade negotiations between China and the United States, the market risk aversion has eased, superimposed on the prospect of Brexit, the pound rose 1.65% on the day, a new high in nearly three months. The copper market was boosted by a fall in safe-haven demand combined with a surge in sterling, with the US index falling near 98.3. Now that trade between China and the United States has made substantial progress, Trump said the two countries are very close to the end of the trade war, which is conducive to a higher copper market. At the same time, on the European side, the heads of state of Britain and Ireland have reached a gradual agreement that the prospects for Brexit are good and good for the European economy. At present, the improvement in the trade environment and the easing of political turmoil in Europe are good for the weak global macro-economy, safe haven assets have declined, CMX gold prices have reached a low of $1478 / oz, also a boost to commodities, copper prices are expected to rise under multiple advantages. At present, Shanghai copper has broken through a number of moving averages, the pressure level has changed to the support level, the technical side is good for Shanghai copper. Copper prices are expected to continue to rise today. In the spot aspect, due to the sharp rise in the disk price, it is expected that the buying sentiment in the high price market will be restrained, and the holder is expected to lower the quotation, but as the spot is about to face delivery in recent days, the overall quotation reduction will not be too big. It is estimated that today's copper 5780-5840 U. S. dollars / ton, Shanghai Copper 46900-47300 yuan / ton. Spot water 60-water 110 yuan / ton.

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