SMM May 26th
Lun Copper was closed last night for the summer bank holiday; the Shanghai Copper 2007 contract closed at 43650 yuan / ton, up 0.90%, with a turnover of 89000 lots and a position reduction of 5247 lots to 103000 lots. Copper prices rebounded last night, recovering a small portion of their daytime losses, mainly due to positive news from Germany in Europe, raising the federal debt ceiling from 25 billion euros to 30 billion euros and gradually relaxing the blockade measures. The market expects the ECB to introduce more easing measures in June. However, at present, the overall macro mood is still cautious, the expectations of strong stimulus policies given by the two sessions have basically failed, the uncertainty of Sino-US relations has increased, and copper prices are expected to lack momentum in the short term. On the spot side, delivery of long orders ended yesterday, but taking into account the low level of domestic inventories and still few shipments from smelters, Shengshui is expected to continue to raise prices today. It is estimated that today Lun Copper will be US $5,320,380 per ton, while Shanghai Copper will be 43500won RMB 44,000 per ton. It is expected that the spot water will rise to 170 RMB200 / ton today.
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