SMM, 11 Dec:
Last night, Lun copper closed at $6092 / ton, up 0.17%, trading volume 16000 hands, long position 3915 hands to 305000 hands; overnight Shanghai copper 2002 contract closed at 48760 yuan / ton, up 0.14%, trading volume 87000 hands, long position 2334 hands to 269000 hands. Copper prices fluctuated at high levels in both internal and external markets last night, mainly due to the gradual digestion of early US data and economic and trade-related gains, and nearing the key node of the trade situation on December 15, and the market continued to struggle with high copper prices. Last night's December ZEW sentiment index for the eurozone and Germany was significantly higher than previous values, and China's November social finance scale was also better than expected, but the macro market is still focused on the Fed's interest rate decision and the progress of the trade situation. Copper prices need to be guided by both. On the crude oil side, API data depressed oil prices, while US oil fell back from high levels, putting upward pressure on copper prices. On the spot side, due to the current high disk price stabilized, the market high price willingness to take goods is low, leading to the willingness of holders to sell goods has been enhanced, yesterday there has been a discount phenomenon, it is expected that the discount state has been maintained today, but there is little room for continuous decline. It is estimated that today's copper 6050-6100 US dollars / ton, Shanghai copper 48500-48800 yuan / ton, spot discount 10-liter 40 yuan / ton.
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