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[SMM Copper Morning News] Copper prices are boosted by macro sentiment when the economy resumes expectations of rising prices.
May 27,2020 09:00CST
translation
The content below was translated by Tencent automatically for reference.

SMM May 27th

Last night, Lun Copper closed at US $5369 / ton, up 1.21%. The trading volume was 12000 lots, and its position decreased by 2929 to 272000 lots. The Shanghai Copper 2007 contract closed at 43860 yuan / ton, an increase of 0.48%, with a turnover of 71000 lots and a position increase of 1791 lots to 105000 lots. Last night, copper prices as a whole showed a rise and fall, with the outer plate topping 5400 US dollars / ton at one point, while Shanghai copper night trading also opened at 43860 yuan / tonne, mainly due to signs of economic restart in various countries, such as deregulation measures in Spain and Germany, and a pick-up in macro sentiment. Yesterday, US stocks SP 500 also came to the capital in February to break through the 3000-point mark, and crude oil closed up nearly 2 per cent. However, due to the uncertainty of Sino-US relations, it is difficult for the market to be unilaterally optimistic, and there was a correction in US stocks, oil prices, copper prices and so on in late trading. On the whole, the current macro has improved, and copper prices are expected to move higher today than yesterday. On the spot side, inventory continues to decline, and it is not enough for holders to lift the water, but with the market rising at the same time, the acceptance of traders still needs to undergo repeated sawing tests between delivery and investment, and it is expected that the rising water will continue to pull saws. It is estimated that today Lun Copper 5340 will cost US $5400 per ton, while Shanghai Copper will cost 43600 won per ton. It is expected that the spot water will rise to 180 won 210 yuan per ton today.

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