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[SMM Copper Morning News] OPEC+ is about to hold an agreement to cut production. Crude oil rises sharply to boost copper prices.
Apr 9,2020 08:49CST
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SMM, 9 April:

London copper closed at $5022 a tonne last night, up 0.03 per cent, with a turnover of 14000 hands and a long cut of 59 to 267000 hands. Copper prices fluctuated around the 5000 level last night and held steady near the daily moving average. Macroeconomic data were light yesterday as optimism about the near peak of the new crown epidemic receded as investors were optimistic about the new round of stimulus measures and the prospect of economic unsealing. Risk assets rose somewhat. U. S. stocks rose sharply to near four-week highs in both the Dow Jones index and the NASDAQ composite index. The Algerian energy minister expressed optimism that US oil rose more than 10 per cent, boosting copper prices last night amid news that Russia would cut production amid market expectations that oil producers might reach a deal. At present, the market sentiment is relatively positive, copper prices are still expected to rise slightly. On the spot side, as copper stocks are still declining, resulting in spot rising water is difficult to decline in the near future, copper futures are strong, restraining the buying of some markets, transaction performance stalemate, market inquiry atmosphere is light, the market is expected to remain deadlocked today. Today's copper is expected to be 5000-5050 US dollars / ton, Shanghai copper 40300-40800 yuan / ton. Spot water 120-164 yuan / ton today

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