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[SMM Copper Morning News] the Federal Reserve is cautiously optimistic about the economic outlook and copper prices maintain their upward momentum.
Jul 1,2020 09:27CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 1st

Last night, Lun Copper closed at 6039 US dollars / ton, up 1.17%. The trading volume was 20000 lots, and the short positions were reduced by 112 to 291000 lots. The Shanghai Copper 2008 contract closed at 48930 yuan / ton, up 0.77%, the trading volume was 55000 lots, and the long positions increased by 1627 lots to 126000 lots. The operating hub of copper prices continued to move up last night, with Lun Copper pulling back in the short term after a session high of $6050.5 / ton in the afternoon, but quickly turned its head and continued to rise in the face of market optimism, standing above the $6000 mark. Shanghai copper was driven by the rising trend of the outer disk to open high at 48950 yuan / ton, and then maintained a high shock, looking forward to the 49000 mark above. Federal Reserve Chairman Colin Powell said yesterday that the US economic recovery had reached a critical point, earlier than in his tone, but also stressed the importance of controlling the epidemic. In addition, China's official manufacturing PMI announced yesterday was 50.9, indicating that the domestic manufacturing sector continued to repair month-on-month, confirming the positive logic of consumption and positive for copper prices. On the spot side, due to the continued rise in copper prices yesterday, there is a fear of heights in downstream purchases, and Shengshui is expected to pull back today. It is expected that today's outer disk 6030 won 6100 US dollars / ton, inner disk 49000 won 49400 yuan / ton. It is expected that the spot water will rise to 140 yuan per ton today.

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