SMM, July 7th
Last night, Lun Copper closed at 6140 US dollars / ton, up 2.08%. The trading volume was 16000 lots, and the short positions were reduced by 4235 to 234000 lots. The Shanghai Copper 2008 contract closed at 49320 yuan / ton, an increase of 0.57%. The trading volume was 52000 lots, and the short positions were reduced by 187 lots to 117000 lots. Copper prices continued to rise last night, starting from early trading. The outer disk recovered the shady line on Friday and set a new high after the Spring Festival. Shanghai copper night trading also stood firm after opening at 49300, and the rising momentum of copper prices continued. On the macro front, as investors' expectations for a strong rebound in the Chinese market rose and economic data from the United States and Europe repaired resonance month-on-month, risk assets rose sharply yesterday, the Shanghai Composite Index rose 5.71 percent, and copper prices were driven higher by optimism. On the spot side, the improvement in market acceptance sentiment has given traders quite false confidence and is expected to maintain a small uptrend today. It is expected that today Lunzhong 6150PUE 6210 US dollars / ton, inner plate 49300PUE 49800 yuan / ton. It is estimated that the spot water is 20 yuan / ton today-40 yuan / ton.
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