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[SMM Copper Morning News] the surge in the pound has led to the linkage of copper prices and the uncertain high level of Brexit is difficult to hold steady.
Oct 21,2019 09:33CST
translation
The content below was translated by Tencent automatically for reference.

SMM, 21 Oct:

Last Friday evening European session Lun copper rose slightly after the horizontal plate arrangement, the copper price center of gravity is in the $5770 / ton position shock. After entering the U. S. market period, copper prices rose quickly, up $5827 / ton, and then fell back slightly and began to shock finishing. In the end, Lun copper closed at $5820 / ton, up 1.23%, trading volume of 18000 hands, position increased by 2517 hands to 280000 hands. Last Friday night Shanghai copper 1912 contract short opened at 47060 yuan / ton, copper prices fell back in the short term, lower 46960 yuan / ton after the copper price began to shock upward, rose to 47120 yuan / ton after the copper price began to correction finishing, and then copper price shock upward again, as high as 47150 yuan / ton. In the end, Shanghai copper closed at 47120 yuan / ton, up 1.18 per cent. Shanghai copper index trading volume of 146000 hands, the total position reduced by 17414 hands to 554000 hands.

 

Last Friday, the internal and external market fully pulled up, Lun copper center of gravity remained stable around 5820 US dollars / ton shock, Shanghai copper jumped high at 47000 yuan / ton after continuing to move higher, the end of the day closed at 47120 yuan / ton, up 1.18 per cent. The sharp rally was mainly due to recent weak US economic data superimposed on sterling and euro foreign exchange gains, the dollar under pressure fell to 97.2 levels, hit a new low in nearly three months, the copper market was boosted higher. At present, the macro impact on the copper market is still strong, and the recent data from the United States are not as expected, reflecting the weakness of its manufacturing industry, adding to market concerns about the global economic situation, undermining the rise in copper prices, and crude oil continues to be worried about the demand side. maintain stability 53 low. On the domestic side, the annual GDP rate in the third quarter was lower than expected, and economic growth continued to slow. On the whole, the economic situation at home and abroad is still pessimistic, which is hard to say good for the copper market. Britain's vote on a new Brexit deal has been delayed, risk aversion continues to heat up and CMX gold prices remain stable around 1500. Copper prices are expected to fall back slightly today. The spot aspect enters the long single delivery period, and recently faces the tax bill situation, the overall consumption is more ideal, therefore the holder quite rises the water to be strong, the recent rise water maintains the high level. It is estimated that today's copper 5790-5840 US dollars / ton, Shanghai copper 46800-47200 yuan / ton, spot water 70-110 yuan / ton.

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