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[SMM Copper Morning News] US oil stocks unexpectedly fell, crude oil rose, copper prices soared.
Oct 28,2019 08:55CST
translation
The content below was translated by Tencent automatically for reference.

SMM, 28 October:

The center of gravity of copper remained around $5890 a tonne during the European session on Friday night. After entering the U. S. market period, the center of gravity of copper prices moved up slightly, but still kept in the 5900 level below the shock. At around 23:00 in the evening, copper prices began to break through the 5900 mark and hit a high of $5935 a tonne. Copper prices then fell back quickly, falling back to $5891.5 a tonne. In the end, Lun copper closed up 0. 40 per cent at $5907.5 a tonne. Today's copper trading volume of 13000 hands, position reduced by 1392 hands to 288000 hands. Overnight Shanghai copper 1912 contract opened at 47440 yuan / ton, copper prices fluctuated after the opening, to 23:00 after the copper price began to rise, up 47670 yuan / ton. Copper prices then fell back quickly, diving to 47330 yuan per ton. Copper prices rose slightly at the end of the day, before closing at 47460 yuan per ton, up 0.15 per cent. Today, Shanghai copper index trading volume of 108000 hands, the total position increased by 1920 hands to 543000 hands. Copper prices rose slightly on both internal and external markets on Friday, mainly due to the recent unexpected decline in US crude oil stocks and possible cuts in OPEC production, which continued to push up crude oil prices. Us oil rose 1 per cent on Friday, giving a clear boost to copper prices. At present, however, Britain's plans to leave the European Union at the end of the month have failed, with profits of industrial enterprises above the size of China falling 5.3 percent in September from a year earlier, larger than the drop in August, and recent economic data from the United States and Europe have also performed poorly, making market expectations for demand still weak. it is difficult to support copper prices to continue to rise. The Chilean riots, as the main driver of the rise in copper prices, have calmed down, and the actual production of its main copper producing areas in northern cities and towns has been limited, and the disturbance on the supply side has been basically digested on the disk. Copper prices are expected to fall slightly today. In the spot aspect, as a result of entering the end of the month, most of the enterprises began the state of capital settlement, the expected performance of the overall market transaction was light, and the holder may be forced to lower the quotation under the pressure of inventory. Today's copper is expected to be 58705920 US dollars / ton, Shanghai copper 47100-47600 yuan / ton, spot discount 30-liter 20 yuan / ton.

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