[SMM Copper Morning News] supply-side disturbances offset market risk aversion, copper price performance shock

SMM, July 20:

On Friday night, Lun Copper closed at 6437 US dollars / ton, up 0.42%. The trading volume was 11000 lots, and the long position increased by 4759 to 319000 lots. The Shanghai Copper 2009 contract closed at 51440 yuan / ton, up 0.06, with a turnover of 42000 lots and a short position reduction of 817 lots to 112000 lots. Copper prices remain volatile at night, with many empty forces intertwined, and the inner and outer plates are close to the five-day moving average to get the cross star. On the macro front, the new crown epidemic in the United States has intensified again, adding to the uncertainty about the economic recovery, as well as the escalating international tensions. CMX gold steadily rose above $1810 on Friday, reflecting a rebound in risk aversion. On the other hand, the disturbance on the supply side of copper continued to provide support for copper prices below, so copper prices were subject to shock consolidation on Friday. The situation is expected to continue, waiting for macro sentiment to improve. On the spot side, the willingness to purchase downstream increases after the market price is stable, and Shengshui is expected to continue to rise today. It is estimated that today Lun Copper 6400 won 6450 U.S. dollars / ton, Shanghai Copper 51300 won 51700 yuan / ton. It is expected that the spot water will rise to 50 RMB80 / ton today.

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