SMM, 25 Oct:
Last night in Europe, the center of gravity of copper remained high near $5895 / tonne, rising to $5902 / tonne during the session. After entering the US session, copper prices rose in the short term, rising to $5908 / tonne, and then quickly fell back from the high, diving to $5869 / tonne. At the end of the day, copper rebounded, closing at $5884 / ton, up 0.09%, trading volume 14000 hands, position reduced 2622 hands to 288000 hands. Overnight Shanghai copper 1912 contract opened at 47480 yuan / ton high, after the opening of copper prices up to 47570 yuan / ton, then copper prices into the downward range, low down to 47260 yuan / ton. Subsequently, the center of gravity of copper prices remained at 47320 yuan / ton to maintain the shock. Copper prices rose slightly at the end of the session, before closing at 47370 yuan / ton, up 0.02 per cent. Today, the trading volume of the Shanghai copper index was 116000 hands, and the position was reduced by 4574 hands to 538000 hands.
Overnight, due to the release of economic data from the United States, durable goods order rate was lower than expected, and Markit manufacturing PMI exceeded expectations, the dollar fell sharply after the rally, copper prices were affected by its high open low. At present, many countries have released PMI data, the European euro zone economy has shrunk for nine months in a row, Germany is still weak, European Central Bank President Draghi said that he held a loose policy for a longer period of time, the weakening of US durable goods order data also continued to increase market expectations for the United States to cut interest rates, the weakness of the global economy continued to push gold prices higher, and CMX gold prices have now stood steady around 1505. Overall, the global economic data released a few days ago remain weak, supporting the high price of copper. Copper prices are expected to fall back slightly higher today. On the spot side, due to the continued high price of copper, coupled with the recent weakening of demand for long orders and tax tickets, overall demand is expected to be weaker today, and holders are forced to adjust prices under inventory pressure to ship goods, and spot quotations are expected to be discounted today. It is estimated that today's copper 5850-5900 US dollars / ton, Shanghai copper 47100-47500 yuan / ton, spot discount 10-liter 30 yuan / ton.
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