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[SMM Copper Morning News] Las Bambas announces continued disturbance at the supply end of Force Majeure to support Copper prices
Apr 10,2020 09:01CST
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SMM, 10 April:

London copper closed at $5032 a tonne last night, up 0.19 per cent, with a turnover of 12000 hands and a long position of 1772 to 268000 hands. Copper prices rebounded in the shock last night and returned to the top of the daily moving average at the end of the day. The main reason for the recent rise in copper prices is 1. Early strong stimulus policies began to release liquidity, the dollar index brushed the recent one-week low to 99.35; 2. Copper raw material supply, including copper concentrate and scrap copper shortage caused by concerns about the supply end of electric copper for some time to come. While the current demand outlook has also been hit hard, including a smaller drop in crude oil production than expected yesterday, strong support is expected below before the macro environment and the state of emergency in important supply countries are not certain when to end. In the spot aspect, the performance of the spot price fell today, and it is expected that it will attract some of the lower prices downstream to buy goods. It is expected that the activity of the spot market will improve significantly, the high shipments of the holders are expected to be positive, and the spot quotation is expected to be raised. Today's copper closed for one day because of Easter, Shanghai copper is expected to 40300-40800 yuan / ton today. Spot rising water 80-120 yuan / ton

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