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[SMM Copper Morning News] supply uncertainty accumulates and copper prices continue to rise.
Jul 8,2020 08:52CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 8th

Last night, Lun Copper closed at 6193 US dollars / ton, up 0.86%. The trading volume was 17000 lots, and the long positions increased by 1819 to 296000 lots. The Shanghai Copper 2008 contract closed at 49830 yuan / ton, an increase of 0.95%. The trading volume was 56000 lots, and the long positions increased by 1867 lots to 116000 lots. Yesterday, the copper price was pulled up in the night market after stepping back, and the operation center continued to move up, and the copper in Shanghai was close to 50000 yuan / mark. The recent rise in copper prices is mainly supported by the strong supply side, Chilean copper mine production uncertainty is due to the accumulation of epidemic factors, the market is worried about the supply of bulls continue to enter the market. On the macro front, the Bank of England expects asset purchases of 750 billion pounds by the end of the year, and the US government hopes to pass another stimulus package by the first week of August. Although the resumption of the economy has been suspended in some areas, policy easing continues market optimism. On the spot side, although the market rose yesterday, the influx of imported copper was less, inventories are still low, and traders are expected to be in a rising water mood. It is estimated that today Luntan 6150lu 6220 US dollars / ton, Shanghai Copper 49700Mutual 50100 yuan / ton. It is estimated that the spot water is 20 yuan / ton today-40 yuan / ton.

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