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[brief Review of SMM Copper] the epidemic spreads in Chile and the supply tension continues to ferment. Shanghai copper continues to rise today.
Jul 2,2020 16:08CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 2:

Today, the main force of copper in Shanghai opened at 49390 yuan / ton in the morning, and the bulls increased their positions after the opening, driving the copper price to rise rapidly, exploring a daily high of 49570 yuan / ton. The high bulls took profits and took back some of the gains, then fluctuated in a narrow range around 49360 yuan / ton until the close in the afternoon. Copper prices briefly opened in the afternoon to explore the intraday low of 49270 yuan / ton, around 49300 yuan / ton attracted bulls to enter the market, driving the market to recover, and finally closed at 49410 yuan / ton, up 310 yuan / ton, up 0.63%. During the day, the main contracts reduced positions by 1262 to 128000, mainly by long positions; trading volume decreased by 5000 to 147000; and Shanghai Copper 07 contracts significantly reduced positions by 8400 to 44000, mainly by short positions. At present, the market still maintains the back structure, and the contract spread of 07mur08 has narrowed to around 80 yuan / ton. Shanghai copper continued to rise today. Last night, the United States announced that the weekly EIA crude oil depot fell from the previous value of 1.442 million 4.627 million barrels to-7.195 million barrels, ADP employment increased significantly, macro sentiment optimistic, bullish copper prices. In addition, the epidemic continues to spread in South America, with more than 280000 confirmed cases of new crown pneumonia in Chile so far. Celso Pardo, president of the (Antofagasta Minerals) Trade Union Confederation of Tofagasta Mining Company, has called on the government to suspend operations at all copper mines for 14 days to stop the spread of new crown pneumonia among workers. The news continued to raise concerns about copper supply, and concerns about tight copper supply fermented again, supporting copper prices higher. Today, Shanghai copper sun, along the Brin on the track, the top away from all recent moving averages. Non-farm data are released in the United States tonight, which is expected to lead to optimism in the market, waiting for the outer disk guidance at night to test whether the bulls can continue to push copper prices upwards.

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