SMM, 30 October:
Duan Lun copper fell back from a high of $5941.5 / tonne in European trading last night and began to fluctuate as low as $5901 / tonne, with copper prices centered around $5910 / tonne. After entering the US market period, the copper price range gradually moved up, the copper price rose to 5933.5 US dollars / ton. Copper prices fell slightly at the end of the day, with copper closing at $5921 / ton, up 0.07%, with a turnover of 11000 hands, a long position of 1322 hands and a position of 290000 hands. Overnight Shanghai copper 1912 contract opened at 47440 yuan / ton, after the opening of copper prices fluctuated upward, rose to 47590 yuan / ton after a short-term fall to 47480 yuan / ton, then copper prices rose again, up 47610 yuan / ton and maintain a high level. In the end, Shanghai copper closed at 47580 yuan / ton, up 0.51 per cent. Today, the trading volume of the Shanghai copper index was 88000 hands, short positions were reduced by 164 hands, and positions were held to 538000 hands. Copper prices remained high in and out of the market last night, mainly due to market expectations that the US dollar index remained weak in the face of the Fed interest rate cut, and the recent macro positive news was more positive, and the market risk aversion weakened. Last night, both the US dollar index and CMX gold prices fell back, supporting copper prices to remain high. At present, on the macro side, the British Parliament has approved the holding of an early general election in December. The Chinese side says trade negotiations are continuing and some progress has been made. The US existing home signing sales index rose 1.5% month-on-month in September, which is good for copper prices. In addition, yesterday the Chilean side also sent out the message of strike, supply side disturbance also formed a certain support for copper prices. At present, Shanghai copper close Yang, below get 5-day moving average support, MACD index red column magnified, copper prices are expected to remain high today. On the spot side, due to the recent market low price receipt situation is OK, so the holder took the opportunity to pull the price, there is no greater willingness to sell at the end of the month, so the market transaction deadlock pattern, is expected to remain today. It is estimated that today's copper 5890-5950 US dollars / ton, Shanghai copper 47300-47700 yuan / ton, spot water 10-40 yuan / ton.
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