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[SMM Copper Morning News] EU recovery Fund is expected to go smoothly. Copper prices have upward momentum.
Jul 21,2020 08:59CST
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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 21:

Last night, Lun Copper closed at 6474.5 US dollars / ton, up 0.58%. The trading volume was 13000 lots, and the short positions were reduced by 3060 to 316000 lots. The Shanghai Copper 2009 contract closed at 51850 yuan / ton, up 1.07%. The trading volume was 72000 lots, and the long positions increased by 384 lots to 89000 lots. Copper prices rose and fell last night, breaking through the 6500 mark in the outer market and as high as 52340 yuan / ton in the inner market, but then a short-term pullback in copper prices recovered some of the evening gains. Yesterday, A shares recovered 3300 points, and the market expected the EU to reach an agreement on the recovery fund, the news led to an improvement in market sentiment and varying degrees of gains in risky assets. On the other hand, there has been a surge in new crown infections, with safe-haven demand driving gold to new highs and spot silver up more than 3 per cent, limiting the rise in copper prices to some extent. Copper prices are expected to continue to rise in the short term, driven by supply risks and capital. Spot aspect, this week enters the long order delivery period, the market also tends to be stable, the spot rising water is easy to rise but difficult to fall. It is estimated that today Lun Copper 6470 won 6530 US dollars / ton, Shanghai Copper 51800 won 52200 yuan / ton. It is estimated that the spot water is 60 yuan / ton today-120 yuan / ton.

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