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[SMM Copper Morning News] OPEC + production reduction stabilizes the copper market through oil prices
Jul 15,2020 09:38CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

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

SMM, July 15:

Last night, Lun Copper closed at 6500 US dollars / ton, down 0.70%. The trading volume was 17000 lots, and the short positions increased by 1055 to 309000 lots. The Shanghai Copper 2009 contract closed at 52310 yuan / ton, up 0.23%. The trading volume was 41000 lots, and the long positions increased by 359 lots to 112000 lots. Last night, copper prices continued the momentum of consolidation, showing a wide range of shocks, fluctuating up and down around the daily moving average. On the macro front, the pathology of the new US crown continued to surge, affecting the prospects for economic restart and risk aversion caused by geopolitical tensions, but expectations of EU stimulus policies boosted market sentiment. In addition, OPEC+ cut production as scheduled, and oil prices stabilized last night, driving US stocks higher in late trading. As the fundamentals of copper prices continue to improve and other large categories of assets stabilize, copper prices are expected to continue to rise after adjustment. On the spot side, the market price rose sharply and fell sharply downstream, but the quotation of traders was strong after the price difference narrowed every other month. It is estimated that today Lun Copper 6530 RMB6590 / ton, Shanghai Copper 52450 RMB52850 / ton. It is expected that the spot water will be raised by 10 RMB30 / ton today.

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