SMM, July 3rd

Last night, Lun Copper closed at US $6093.5 / ton, an increase of 0.62%. The trading volume was 15000 lots, and its position increased by 4323 to 297000 lots. The Shanghai Copper 2008 contract closed at 49380 yuan / ton, an increase of 0.26%, with a turnover of 60000 lots and a position increase of 1986 lots to 130000 lots. Copper prices remained high and volatile last night. Lun Copper began to fall back after exploring a high of $6120 / ton in the afternoon, reaching $6047.5 / ton, but then closed again at $6093.5 / ton, still maintaining a strong upward momentum. Shanghai copper also rose slightly after the opening of trading last night, but has not yet broken the previous high of 49520. On the macro front, the US non-farm payrolls data yesterday increased by 4.8 million, higher than expected and previous values, giving a certain boost to risky assets, and the three major US stock indexes closed higher yesterday. However, as the non-farm data did not cover the US employment situation in the past two weeks, there were still fears of a rebound in the epidemic, so copper prices were limited, and safe-haven gold rose more than $20 yesterday. On the spot side, the willingness to receive goods in the market has always been low, traders have accelerated to lower their quotations under abundant supply, and buyers are afraid of high consumption. Shengshui is expected to continue to decline today. It is expected that today's outer disk is 6060mura $6120 / ton, and the inner disk is 49200mur49500 yuan / ton. It is expected that today's spot flat water-litre water 20 yuan / ton.

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