Home / Metal News / Copper / [SMM Copper Morning News] A copper mine in Chile reduces the operating ratio and the supply is good to stimulate the rise in copper prices.
[SMM Copper Morning News] A copper mine in Chile reduces the operating ratio and the supply is good to stimulate the rise in copper prices.
Jul 2,2020 09:23CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 2nd

Last night, Lun Copper closed at 6056 US dollars / ton, up 0.28%. The trading volume was 22000 lots, and the long positions increased by 2154 to 293000 lots. The Shanghai Copper 2008 contract closed at 49180 yuan / ton, down 0.34%. The trading volume was 74000 lots, and the short positions increased by 559 to 130000 lots. Yesterday, Lun copper explored a high of $6094 / tonne in the afternoon, then copper prices began to fall, and copper prices continued to step back to confirm in the evening, but remained above the $6000 mark, indicating that bulls still have strong confidence. Affected by the pullback of the outer disk, the Shanghai copper night market opened low at 48980 yuan / ton, and then maintained at 49000 yuan / ton first-line concussion. On the macro side, the United States announced a big increase in ADP employment data yesterday and revised the value before May from negative to 3.065 million people. The PMI data of the United States and Europe are also being repaired month-on-month. The PMI data of China's Caixin manufacturing industry recorded 51.2, the highest level since December of 19 years. In terms of fundamentals, Chile announced a sharp reduction in the number of on-site workers yesterday, and the Chilean copper workers' union once again called on the government to suspend operations at all copper mines for 14 days, continuing to raise concerns about copper supply and good for copper prices. On the spot side, copper prices have continued to rise recently, downstream purchases are afraid of heights, and imports of copper have been declared one after another, and it is expected that the rising water will continue to decline. It is expected that today's outer disk 6080Mui 6150 US dollars / ton, inner disk 49400Mill 49800 yuan / ton. It is expected that the spot water will rise to 50 RMB80 / ton today.

"Click to view SMM historical price data

 

Scan the QR code and apply to join the SMM metal exchange group. Please indicate the company + name + main business.

 

Price forecast
morning news

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn