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[SMM Copper Morning News] A-share weakness and superimposed supply worries ease a pullback in copper prices.
Jul 16,2020 08:57CST
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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 16:

Last night, Lun Copper closed at US $6394.5 / ton, down 1.62%. The trading volume was 21000, and short positions increased by 1999 to 311000, while the Shanghai Copper 2009 contract closed at 51220 yuan / ton, down 1.75%. The trading volume was 88000 and the short positions increased by 295 to 111000. Yesterday's copper price correction was mainly affected by the weakening pressure of A shares, superimposed on the recent decline in the number of newly diagnosed people in Chile, supply concerns have been alleviated, and copper prices have been revised back in the context of a large increase in the previous period. However, at the macro level, progress in vaccine development led to a rebound in US stocks, with the US dollar index refreshing its five-week low below 96, indicating an improvement in market risk sentiment, and copper prices are expected to be supported today. On the spot side, the willingness to receive goods downstream improved after the copper price fell, and the spot rising water is expected to rise slightly today. It is estimated that today Lun Copper 6380Rue 6440 US dollars / ton, Shanghai Copper 51100PUE 51500 yuan / ton. It is expected that the spot water will rise to 30,000,000 yuan / ton today.

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