[SMM Copper Morning News] Chilean strike votes to keep supply good for copper prices

Published: Jul 14, 2020 08:59

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"[Summit Forecast] is the new high bull market in copper prices coming? Watch this big talk!

SMM, July 14:

Last night, Lun Copper closed at 6545.5 US dollars / ton, up 1.81%. The trading volume was 34000 lots, and the long positions increased by 2279 to 308000 lots. The Shanghai Copper 2008 contract closed at 52750 yuan / ton, down 0.25%. The trading volume was 70000 lots, and the bulls reduced their positions by 1961 to 113000 lots. Lun copper began to recover after falling as low as $6504 / ton last night, quickly breaking the daily moving average, and weakening slightly back to near the daily average in late trading. After the opening of night trading in Shanghai, the trend was stable, running at 52850 yuan / ton, and fell slightly at the end of the day. At present, copper prices remain strong due to supply-side disturbances. yesterday, the Chilean Centinela copper mine voted in favor of a workers' strike, which was positive for copper prices, but US stocks fell significantly in late trading because of concerns about the epidemic, limiting the rise of copper prices last night. On the whole, the capital side is loose and superimposed supply disturbances, the positive factors are still sustainable, and copper prices are expected to maintain an upward trend. Spot, as delivery approaches, traders are not willing to discount shipments under the pattern of near-strong and far-weak, and Shengshui is expected to be deadlocked in the current position. It is estimated that today Lun Copper 6480 RMB6530 / ton, Shanghai Copper 52600 RMB5300 / ton. It is expected that the spot water will rise to 30 RMB50 / ton today.

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