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[SMM Copper Morning News] unpredictable risk aversion to Brexit prospects push copper prices to high levels
Oct 23,2019 08:59CST
translation
The content below was translated by Tencent automatically for reference.

SMM, 23 Oct:

Last night, when the European market Duan Lun copper from the 5807.5 position began to rebound, copper prices fluctuated upward, in the U. S. market before the high of $5839 / ton. After entering the U. S. session, copper prices first continued to rise to $5846.5 / tonne, came to this position quickly fell back, as low as $5811.5 / tonne. Panwei Lun copper rebounded to close at $5826 / tonne, trading volume of 11500 hands, positions increased by 1293 hands to 284000 hands. Overnight Shanghai copper 1912 contract opened at 47080 yuan / ton, after the opening of copper prices rose to 47200 yuan / ton, then copper prices began to shock downward, the center of gravity of copper prices gradually moved down to 47050 yuan / ton. Shanghai copper closed down 0.19 per cent at 47030 yuan a tonne today. Today, the trading volume of the Shanghai Copper Index was 78000 hands, and its position increased by 1954 hands to 542000 hands. Copper prices fell last night, mainly because of pessimistic Brexit sentiment, the pound fell back to around 1.28, the dollar rose slightly and stabilized at 97.5, copper prices slightly under pressure to fall slightly. At present, Brexit is still the main motivation affecting copper prices, and the British Parliament voted against the motion to quickly pass the Brexit bill, the market risk aversion mood has been revived, and the CMX gold price has basically remained stable at the 1500 level, which has also put bearish pressure on copper prices. The global economic situation has still not improved significantly, the US existing house sales data for September were lower than expected, the market further increased its expectations for the Fed to cut interest rates, and API crude oil stocks continued to rise sharply, reflecting that the market continues to be bearish on manufacturing demand, and there are no obvious positive signs in the economy as a whole, and there is some pressure on copper prices to rise. It is expected to fall back slightly today. In the spot aspect, because the disk is high, and the market long single demand weakens gradually, the demand for superimposed short-term bills is also basically completed, so the overall transaction is gradually light, the holder price has been relaxed. It is estimated that today's copper 5780-5820 US dollars / ton, Shanghai copper 46800-47100 yuan / ton, spot water 40-80 yuan / ton.

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