SMM May 28th:
Last night, Lun Copper closed at 5295 US dollars / ton, down 1.37%. The trading volume was 16000 lots, and the long positions were reduced by 361 to 272000 lots. The Shanghai Copper 2007 contract closed at 43640 yuan / ton, down 0.5%. The trading volume was 99000 lots, and the long positions were reduced by 859 lots to 104000 lots. Copper prices fell significantly last night, with Lun copper falling more than $100 per tonne at one point in intraday trading, mainly due to lingering concerns about economic recovery and geopolitics, as well as a sharp increase in API crude oil inventories and a 7 per cent drop in oil prices yesterday, jointly testing the downward pressure on copper prices. By the end of the day, the three major indexes of US stocks closed higher after the opening of trading, market risk aversion was restrained, and copper prices rebounded slightly. From a macro point of view, the market still has expectations for an economic restart, but repeated outbreaks may be associated with geopolitical risks to limit the upside of copper prices. On the spot side, inventories are currently low and rising water is expected to remain strong after copper prices fall. It is estimated that Lun Copper will be worth US $5260 per ton today, while Shanghai Copper will be worth US $43,400 per ton, and spot water will be raised to US $160,200 per ton.
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