SMM May 25th

On Friday night, Lun Copper closed at 5305 US dollars / ton, down 1.58%. The trading volume was 14000 lots, and its position increased by 995 to 275000 lots. The Shanghai Copper 2007 contract closed at 43490 yuan / ton, up 0.53%, with a turnover of 47000 lots and a decrease of 4067 lots to 104000 lots. Copper prices continued to show a pullback on Friday, falling rapidly in the afternoon and showing a large decline during the day. Copper prices gradually stabilized the decline after entering the night market and rebounded slightly in late trading. The main reason for the decline in copper prices on Friday. The government work report did not release a clear target for GDP growth, causing market worries about the domestic economic situation, and A shares also fell sharply on Friday. However, considering that the implied real growth rate of GDP is in line with previous expectations, it is believed that the impact on prices will not be sustained. 2. Tensions between China and the United States continue to ferment, global concerns about international trade are rising, market risk appetite has plummeted, and spot gold and the dollar have rebounded significantly in the short term. Spot, today is the last day of long order delivery, and in the case of a larger pullback in the market, it is expected that there is room for rising water. Lun Copper is closed today. It is expected that Shanghai Copper will be 43300 won per ton today, and the spot price will be 150 won 180 yuan per ton.

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