SMM May 29th
Last night, Lun Copper closed at 5372 US dollars / ton, up 1.44%. The trading volume was 11000, and short positions were reduced by 354 to 271000, while the Shanghai Copper 2007 contract closed at 43950 yuan / ton, up 0.76%. The trading volume was 45000, and the long positions increased by 240 to 103000. The operating center of copper prices moved upward last night, with copper prices rising unilaterally on both sides of the market, mainly because the number of people applying for unemployment benefits in the United States continued to decline, and the dollar index hit a two-month low of 98.352 as risk sentiment improved. But as Trump said he would talk about China on Friday, geopolitical risks limit the rise in copper prices, and pressure is expected to continue until it hits the ground. On the spot side, the recent arrival of copper imports fell short of expectations, and the rising water remained strong under low inventories. It is estimated that Lun Copper will be worth US $5300 per ton today, while Shanghai Copper will be worth 43,500 yuan per ton, and spot water will rise to 170,200 yuan per ton.
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