SMM, 22 Oct:
Duan Lun copper rose from $5825 / tonne in European trading last night to a brief correction of $5858.5 / tonne before continuing to rise $5868.5 / tonne. After entering the US session, copper prices began to fall back from high, low down to $5822 / ton position, copper prices rose again at the end of the day, back above the daily moving average. In the end, Lun copper closed down 0.36% at $5841 a tonne, with a turnover of 14000 hands and an increase of 2664 hands to 283000 hands. Overnight Shanghai copper 1912 contract short jump high at 47200 yuan / ton, after the opening of the copper price range shock, the center of gravity in the opening position near. After finishing for a period of time, copper prices began to fall back, down 47035 yuan / ton, then copper prices began to shock upward, and finally Shanghai copper closed at 47160 yuan / ton, up 0.19%. Today, the trading volume of the Shanghai copper index was 86000 hands, and the position was reduced by 25.18 million hands to 545000 hands.
The overnight session continued to rise mainly because of optimistic expectations of Brexit, with the pound hitting a nearly five-month high against the dollar, with copper prices rising as the dollar fell for five days to around 97.3, while the recent strike in Chile was grim, sparking concerns about the supply side, which was also one of the factors underpinning the rise in copper prices. At present, the main reason for the high performance of copper prices in the past two days is still driven by unexpected news events, but the global macro situation has not improved significantly, and the effect of interest rate cuts in various countries on the economy has not yet been shown. Crude oil has been taxiing at the low level at level 53 under the influence of worried demand, which has a negative impact on the copper market. And the domestic aspect electrolytic copper continues to accumulate the reservoir, the consumption is mediocre, the fundamental support power is insufficient. Copper prices are expected to fall slightly today. In the spot aspect, recently, due to bills and long single demand, the market quotation remained high, and the holders were willing to offer more, but the high price plus high rising water made the downstream purchase restrained, and the overall transaction performance was deadlocked, which is expected to continue today. It is estimated that today's copper 5800-5850 US dollars / ton, Shanghai copper 46900-47300 yuan / ton, spot water 70-100 yuan / ton.
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