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[SMM Copper Morning News] geopolitical tension and risk aversion led to a pullback in copper prices.
Jul 23,2020 08:54CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

 

SMM, July 23:

Last night, Lun Copper closed at 6477 US dollars / ton, down 1.31%. The trading volume was 48000 lots, and the long positions were reduced by 621 to 316000 lots. The Shanghai Copper 2009 contract closed at 51980 yuan / ton, down 0.82%. The trading volume was 104000 lots, and the long positions were reduced by 926 lots to 119000 lots. A spokesman for the Chinese Foreign Ministry confirmed yesterday that the US side suddenly asked China to close the consulate in Houston and urged the US side to withdraw the unreasonable decision immediately, otherwise it would reserve the right to counteract. After the news, the market rekindled worries about the tension in Sino-US relations. Lun Copper fell sharply by US $80 / ton in the short term, and assets such as A50 share index futures and European stock markets fell significantly at the same time, followed by a low shock, which fell as low as US $6415.5 / ton in intraday trading. Affected by this negative effect, Shanghai copper opened low at 52100 yuan / ton at night and continued to fall rapidly in the short term after the opening, until the market mood eased at the end of the day, and copper prices rebounded slightly inside and outside the market. On the spot side, the willingness to receive goods downstream is expected to improve after the decline of the market, and it is still in the period of long order delivery, and it is expected that Shengshui will go higher today. It is estimated that today Lun Copper 6470 won 6520 US dollars / ton, Shanghai Copper 51700 won 52000 yuan / ton. It is expected that the spot water will rise to 120 yuan per ton today.

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