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[SMM Copper Morning News] the positive mood of trade has warmed up and copper prices have risen when they are low.
Oct 15,2019 08:55CST
translation
The content below was translated by Tencent automatically for reference.

SMM, 15 October:

Duan Lun copper quickly jumped from $5786.5 / ton in European last night, dived to a low of $5745 / ton in just a few minutes, and then kept its center of gravity at around $5750 / ton. After entering the US session, copper prices began to rebound from low levels, the center of gravity of copper prices moved up, gradually recouping afternoon and evening European losses, and ended the day at $5820 / tonne, up 0.29 per cent. Today, copper trading volume of 17000 hands, position increased by 4550 hands to 286000 hands.

Overnight Shanghai copper 1912 contract short opened at 46800 yuan / ton, after the opening of copper prices fell to 46730 yuan / ton, then copper prices began to rebound from low levels, copper prices fluctuated upward, the center of gravity gradually moved up and broke through the 47000 level. After breaking through the 47000 position, the rebound momentum slowed down, and the copper price fluctuated around 47020 yuan / ton. In the end, Shanghai copper closed at 47020 yuan / ton, up 0.11 per cent. Today, the trading volume of the Shanghai Copper Index was 108000 hands, and its position increased by 6778 hands to 558000 hands.

Last night, both inside and outside the market opened low and walked high, rising 0.29 per cent to $5825 a tonne and closing up 0.29 per cent at $5820 a tonne. Shanghai copper jump low open, rebounded higher, the end of the day back to 47000 yuan / ton level. Due to the recent Sino-US trade and Brexit good news has been gradually digested on the disk, the market returns to caution, copper prices high walking energy is insufficient, the opening is short. At present, the market optimism has come to an end, there are still worries about the further development of trade prospects, investors are back to worry about the global macroeconomic weakness, CMX gold prices have also rallied to the 1500 level, while in Europe, the pound has fallen slightly, falling below the 1.26th mark, as it will still take time and risks to implement the orderly Brexit agreement. On the whole, the market is returning to rationality, weak demand is still an important reason for the lack of impulse energy on the copper price, crude oil is also worried about the demand side, oil prices fell back to the 53 level, the superposition of multiple factors is still disadvantageous to the sharp rise in copper prices. Focus on today's domestic September CPI and PPI data, is expected to maintain a high shock pattern today, the current Shanghai copper closing Yangzhu, short-term attention to the 20-day moving average pressure level. Spot due to recent consideration of spot delivery, spot quotation to maintain the level of delivery near, in addition, due to the recent import of a large number of copper imports, quotation performance is difficult to have room for upward adjustment, and the market transaction is mediocre. It is estimated that Lun copper 5780-5840 US dollars / ton, Shanghai copper 46700-47300 yuan / ton, spot water 60-100 yuan / ton.

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