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[SMM Copper Morning News] unexpectedly reduced crude oil inventory production superimposed on the Chilean strike affected the strong rise in copper prices
Oct 24,2019 09:01CST
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The content below was translated by Tencent automatically for reference.

SMM, 24 October:

Duan Lun copper fell back from a shock near $5820 a tonne in European trading last night, falling as low as $5793.5 a tonne in front of the US market. After entering the US session, copper prices began to pull up, the operating range continued to rise, as high as $5896 / ton, close to the 5900 level. Panwei copper fell slightly to close at $5878.5 a tonne, up 0.9 per cent, with a turnover of 17000 hands and a 2078 increase in positions to 286000 hands.

Overnight Shanghai copper 1912 contract opened at 47020 yuan / ton, copper prices continued to rise after the opening, to the end of the day the center of gravity of copper prices has moved up to 47460 yuan / ton. Copper in Shanghai closed up 0.87 per cent at 47450 yuan per tonne today. Today, the trading volume of the Shanghai Copper Index was 174000 hands, and its position increased by 9814 hands to 550000 hands.

 

Overnight session rose sharply as EIA crude oil stocks unexpectedly fell, oil prices were boosted to 55.2, while new copper mines in Chile continued to join the strike, Chilean copper announced yesterday to suspend the operation of the Andina copper mine, copper was led higher by positive signals from both sides. At present, after Brexit has been forced to postpone Brexit, market uncertainty has increased, market risk aversion has increased, CMX gold prices have also stabilized at the 1500 level, and copper prices have continued to rise. At the same time, the United States, due to the poor performance of recent economic data, the market is expected to cut interest rates, waiting for its interest rate resolution next week, there are still no clear signs of economic improvement in the rest of the world. The growth of crude oil is also a temporary market factor rather than supported by the demand side, so the risk of copper prices falling back is still high after the short-term news is digested. Copper prices are expected to show a slight correction today. Spot, today's surging prices, high prices to curb the market buying sentiment, in addition, the recent tax bills and long single demand has been very few, the overall demand performance is light, in the high inventory state of the market, it is expected that today's cardholders will continue to lower their quotations. It is estimated that today's copper 5850-5900 US dollars / ton, Shanghai copper 47000-47500 yuan / ton, spot water 30-70 yuan / ton.

 

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