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[SMM Copper Morning News] Brexit may be expected to lead to a weakening of risk aversion, which is expected to push copper prices up.
Oct 16,2019 10:16CST
translation
The content below was translated by Tencent automatically for reference.

SMM, 16 October:

Overnight, the market continued to maintain stability, Lun copper slightly rose and fell back, closed at 5775 US dollars / ton, down 0.76%, Shanghai copper center of gravity continued to hover around 46900 yuan / ton, down 0.04%, the change is small, the main reason is that investors are still slightly worried about the macroeconomic situation, cautious bullish mentality. At present, the British side announced that British and EU officials are close to reaching a Brexit agreement, the sharp rise in the pound has reached the 1.28 level, the dollar under pressure to explore the 98.2 level, a small advantage to the copper market; The Ministry of Foreign Affairs of China and the United States have confirmed that China and the United States have reached a substantive phased agreement. At the same time, the social and financial data recently released in China have exceeded expectations. On the whole, there is relatively more short-term good news, and the market risk aversion is weakening. CMX gold prices continued to fall to a low of US $1480 / oz, helping the copper market to rise slightly in the short term. At present, Shanghai copper cross star, below by the 10-day moving average support, copper prices are expected to fluctuate on the strong side today. Spot due to the current full next month ticket quotation, driven by high inventory, the market quotation obviously fell back, it is expected that today's quotation will remain low, the overall transaction situation will remain deadlocked. It is estimated that today's copper 5760-5820 US dollars / ton, Shanghai copper 46800-47300 yuan / ton, spot water 40-60 yuan / ton.

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