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[SMM Copper Morning News] Brexit Agreement submitted to Parliament suspense Copper prices failed to hold steady
Oct 18,2019 09:43CST
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The content below was translated by Tencent automatically for reference.

SMM, 18 October:

Overnight, the overall performance of the internal and external performance of the decline, Lun copper high up $5786 / ton, and then fell back and closed at $5749 / ton, up 0.48%. After Shanghai copper opened high and rushed up 46920 yuan / ton, it immediately gave up all the gains, closing at 46660 yuan / ton. The rally was mainly due to a lower-than-expected monthly rate of US real estate data and industrial output in September, with the US index falling back to around 97.5 and copper prices buoyed by a short-term boost. At present, recently, economic data from various countries have been released one after another, reflecting the weakness of the global economy, bearish performance on the copper market, less than expected economic data in the United States, and a decline in its manufacturing industry in many ways. The Brexit agreement on the British side will continue to face the test of voting in the British Parliament, the market risk aversion mood has rebounded, and the CMX gold price has continued to rise and return to the vicinity of the 1500 hurdle. The fatigue of the global economy is the key factor that is disadvantageous to the rise of copper prices. Fundamentals gold nine silver 10 gradually close to the end, the recovery in consumption is not expected, the fundamentals did not boost the bright spot of copper prices. It is expected that the current copper market is still a low shock pattern. Spot due to the improvement in the market purchase situation, low prices to buy back more actively, so the spot quotation rose faster in the previous two days, but due to today's Friday, it is expected that the purchase will be restrained, and it will be difficult for the holder to raise the water again. It is estimated that today's copper 5730-5790 US dollars / ton, Shanghai Copper 46500-46900 yuan / ton, spot water 60-90 yuan / ton.

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