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[SMM Copper Morning News] strike voting at two copper mines in Chile is good to stimulate copper prices to rise rapidly.
Jul 13,2020 08:59CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 13th

On Friday night, Lun Copper closed at 6429 US dollars / ton, up 2.1%. The trading volume was 22000 lots, and the long position increased by 3368 to 306000 lots. The Shanghai Copper 2008 contract closed at 51930 yuan / ton, up 2.83%, the trading volume was 110000 lots, and the long positions increased by 2775 lots to 118000 lots. Last Friday night, after finishing at the US $6300 front line, Lun Copper quickly broke the 6400 mark, and the Shanghai copper night market also opened high, approaching the position of 52000 yuan. On the macro side, there are signs that the new crown treatment has made progress, US stocks and crude oil have increased significantly, and the improvement of risk sentiment is good for copper prices. In addition, the market is worried about the result of the strike vote in the two mines owned by Anto. Due to the severe epidemic situation in Chile, it is expected that negotiations will be hindered, and the supply-side positive stack will stimulate a significant rise in copper prices, which is expected to continue to be strong this week. On the spot side, as the delivery period approaches, the intermonthly basis continues to narrow, limiting the rising water downward space, but the rising water is also difficult to rise under the market fear of heights. It is estimated that today Lun Copper 6420 won 6490 US dollars / ton, Shanghai Copper 51900 won 52300 yuan / ton. It is expected that the spot water will rise to 30 RMB50 / ton today.

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