[SMM Copper Morning News] the upward momentum of copper price is limited under the increasing risk aversion mood of new crown infection.

Published: Jul 17, 2020 09:04

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

SMM, July 17:

Last night, Lun Copper closed at 6410 US dollars / ton, up 0.24%. The trading volume was 18000 lots, and the long positions increased by 2671 to 314000 lots. The Shanghai Copper 2009 contract closed at 51470 yuan / ton, up 1.7%, the trading volume was 58000 lots, and the long positions increased by 2981 lots to 112000 lots. Last night stabilized and rebounded, Lun Copper moved from the US $6350 first-line operation center to above the 6400 mark, Shanghai Copper also repaired upward after opening, and then fluctuated around 51500 yuan / ton. Copper prices fell more this week, as there is still support on the supply side, the pullback attracted bulls to actively enter the market, and copper prices stabilized and rebounded yesterday. However, on the macro side, due to the increase in the number of new crown infections, the sharp rebound in the dollar index, risk aversion in the market, and the pressure on oil prices after OPEC reduced production, copper prices are expected to lack upward momentum today. Spot aspect, after the market decline alleviated, the downstream buying interest rebounded, and the rising water is expected to rise steadily today. It is estimated that today Lun Copper 6370 RMB6430 / ton, Shanghai Copper 51250 RMB51550 / ton. It is expected that the spot water will rise to 40 RMB50 / ton today.

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