SMM, July 9th
Last night, Lun Copper closed at 6297 US dollars / ton, up 0.98%. The trading volume was 23000 lots, and the bulls increased their positions by 3611 to 303000 lots. The Shanghai Copper 2008 contract closed at 50490 yuan / ton, an increase of 0.24%. The trading volume was 80, 000 lots, and the bulls reduced their positions by 3682 to 117000 lots. Panlun copper surged as high as $6360 a tonne yesterday afternoon before a pullback began at night and fell short of more than $60 a tonne around 22:00. After opening high, copper prices in Shanghai also adjusted downwards until copper prices stabilized and rebounded at the end of the day. Last night's copper price correction was mainly affected by the sharp increase in the number of new crown cases in the United States. Last night, US stocks fell sharply by 3% of crude oil prices to put pressure on copper prices, reining in the recent rally. The epidemic situation in South America is still an important support for supply pressure, but the return of Sino-US trade relations is expected to put pressure on risky assets in the short term, and copper prices are expected to face pullback shocks today. On the spot side, the market was afraid of heights yesterday, and traders shipped at reduced prices for high prices, and it is expected that there is still room for a pullback today. It is estimated that today Lun Copper 6250PY 6320 US dollars / ton, Shanghai Copper 50300PUE 50700 yuan / ton. It is expected that the spot discount today is 10-litre 30 yuan / ton.
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