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[SMM Copper Morning News] it is rumored that Saudi Arabia and Russia reached a production reduction agreement in intraday crude oil skyrocketed and pulled up the price of copper.
Apr 3,2020 09:50CST
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The content below was translated by Tencent automatically for reference.

SMM, 3 April:

Last night, Lun copper closed at $4881.5 / ton, up 1.66%, trading volume 15000 hands, short positions reduced 721 hands to 270000 hands. Copper prices rebounded last night as the US president said Saudi Arabia and Russia had communicated a sharp cut in production, sending intraday crude oil up 47 per cent to $27.39, driving copper prices to rebound. However, since then, both Russia and Saudi Arabia have dismissed rumors that oil prices have recovered some of their gains within the day, and the development of the epidemic is still driving risk aversion after the number of first-time US jobless claims hit an all-time high last week. Yesterday, the dollar soared back above the 100 mark, and gold rose more than $20, so there were some disadvantages to copper prices. In the spot aspect, due to the current copper futures fluctuations, holders maintain a high price, but the pace of rising water and pushing again is slow, traders are difficult to receive goods to depress prices, the characteristics of saws on both sides of the supply and demand sides are obvious, and it is expected that spot quotations are still deadlocked today. It is estimated that today's copper 4740-4800 U. S. dollars / ton, Shanghai Copper 39300-39800 yuan / ton. Spot water 130-liter 150 yuan / ton.

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