SMM, April 2-
Last night, Lun copper closed down 2.55% at $4804.5 a tonne, with a turnover of 15000 hands and a long reduction of 2767 to 271000 hands. Copper prices continued to fall last night, basically recovering from the previous day's gains, back to the $4800 / ton near the operating platform. Last night, copper prices fell mainly due to the development of the epidemic and manufacturing data to promote risk aversion. The final value of Markit manufacturing PMI and ISM manufacturing PMI released in March in the United States were both below the 50 rise and fall line. The PMI data in the euro zone also performed poorly. Major assets such as US stocks and crude oil fell sharply, and copper prices also came under pressure. Recently, Shanghai copper and Lun copper positions have continued to decline, price volatility has weakened, copper prices are expected to hold steady below 4800 today, a slight correction in the macro adverse mood. Spot, the current downstream copper price rise superimposed high underwater buying hesitation, in the early high underwater, traders buying rhythm has also declined, some of the price reduction initiative and space, traders and downstream performance cautious wait and see, so it is expected that today's spot quotation is also difficult to continue to lift the space. It is expected to enter Lun copper 4740-4800 US dollars / ton, Shanghai copper 38500-39000 yuan / ton. Spot water 110-water 140 yuan / ton.
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