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[SMM Copper Morning News] weak expectations of the global economy led to a fall in the price of safe haven copper in the market.
Oct 17,2019 08:59CST
translation
The content below was translated by Tencent automatically for reference.

SMM, 17 October:

Duan Lun copper in the European market last night in the low shock consolidation, around the $5700 / ton position to compete. After entering the US session, copper prices began to show signs of rebound, the center of gravity of copper prices first moved up to around $5820 / ton, horizontal finishing continued to rise, up $5737.5 tons, copper prices fell slightly at the end of the session, and finally copper closed at $5721.5 / ton, down 0.93%, trading volume 17000 hands, position reduced by 4504 hands to 279000 hands. Overnight Shanghai copper 1912 contract short opened at 46540 yuan / ton, copper prices rebounded slightly after the opening, the center of gravity first returned to 46650 yuan / ton, and maintained in the range of shock consolidation. Before the close, copper prices rose to 46720 yuan / ton, but soon returned to the original operating range. Shanghai copper closed down 0.26 per cent at 46630 yuan a tonne today. Today, Shanghai copper index trading volume of 90, 000 hands, positions increased by 12000 hands to 562000 hands.

Overnight internal and external trading continued to fall, mainly because the monthly rate of core retail sales in the United States in September was lower than expected, adding to investors' concerns about the macroeconomic situation, and copper prices continued to fall. At present, according to the economic data released by many countries, the United Kingdom and Europe also released CPI annual rates in September, the performance is weaker than expected, the current global economic situation is still no obvious signs of improvement, at the same time, after the short-term good news has been digested, the market is still worried about the trade outlook and continues to prefer safe haven assets. CMX gold prices rebounded to US $1494 / oz. Crude oil API inventories rose sharply during the week, reflecting market concerns about demand, oil prices continued to fall, below the 52.7 level. On the whole, the copper market is still weak macro leading market, higher slightly weak. At present, the trend of domestic accumulation after the festival is obvious, consumption has not been significantly improved, the fundamentals are difficult to have bright spots. Shanghai copper has now fallen below all moving averages, the technical side of the performance is bearish. Copper prices are expected to remain low today. Spot due to the next monthly ticket quotation yesterday low price source, taking into account the delivery of long orders, low prices to attract the market to buy, today's face price fell back, it is expected that the overall transaction is still maintained, holders to speed up the pace of rising water. It is estimated that today's copper 5680-5740 U. S. dollars / ton, Shanghai Copper 46500-46900 yuan / ton, spot water 60-100 yuan / ton.

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