SMM, 29 Oct:
Duan Lun copper rose from below $5900 a tonne in European trading last night, rising to $5927 a tonne and falling back to $5905 a tonne. After entering the US market period, copper prices fluctuated in this range, and the amplitude gradually narrowed, and the final copper closed at $5917 / ton, up 0.16%, trading volume 9862 hands, position increased 1354 hands to 289000 hands. Overnight Shanghai copper 1912 contract opened at 47510 yuan / ton, after the opening of the copper price around this position narrow volatility, during the high to 47590 yuan / ton, low down to 47440 yuan / ton, the daily average line has always been maintained at 47500 yuan / ton. In the end, Shanghai copper closed at 47490 yuan / ton, up 0.13 per cent. Today, the trading volume of the Shanghai Copper Index was 62000 hands, and its position increased by 3280 hands to 545000 hands. Copper prices remained high last night, mainly due to the deepening expectations of better trade, the European Union agreed to postpone Brexit, the market risk aversion eased, the three major stock indexes in the United States pulled up, gold prices also returned to below the 1500 mark yesterday, keeping copper prices at recent highs. At present, macroscopically, China and the United States are close to finalizing the first phase of trade agreement to ease friction, the risk of Britain leaving the European Union in a disorderly manner has been basically lifted, and the tide of interest rate cuts by global central banks has continued to rise, and macro gains have a strong boost to copper prices in the short term. At present, Shanghai copper is above all moving averages, the red column of MACD index is enlarged, and the technical side shows that the trend of copper price is also relatively strong. Copper prices are expected to remain high today. Spot, the recent discount source is favored by the market, so there was basically no discount yesterday afternoon, enter the end of the month, most of the holders do not have greater financial pressure, the willingness to sell goods for cash is not strong, so the market trading gradually turned to a stalemate, is expected to rise today, more inhibit downstream buying. It is estimated that today's copper 5890-5950 US dollars / ton, Shanghai copper 47200-47600 yuan / ton, spot water-rising water 20 yuan / ton.
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