SMM, July 24th:
Last night, Lun Copper closed at 6506 US dollars / ton, up 0.45%. The trading volume was 13000 lots, and the short positions were reduced by 17 to 316000 lots. The Shanghai Copper 2009 contract closed at 52230 yuan / ton, an increase of 0.50%, the trading volume was 77000 lots, and the short positions were reduced by 1025 lots to 117000 lots. Copper prices maintained a volatile upward trend last night, but the rally was relatively slow, and there are still geopolitical concerns in the market, which need to be re-tested after shock consolidation. On the macro front, the head of the US New Crown Test said that the daily increase in the number of people in the United States may exceed 200000, and the number of initial claims for unemployment benefits in the United States increased unexpectedly last week, indicating that the prospects for economic recovery are in doubt, and US stocks fell to a one-week low yesterday. Affected by geopolitics and the epidemic, gold prices have risen well recently, approaching the 1900 mark yesterday, while crude oil fell under the influence of increased inventories. Taken together, although copper fundamentals are still good, there is some macro pressure on copper prices, which is expected to limit the recent rise in copper prices and wait for market sentiment to improve. On the spot side, when the market is relatively stable, the market quotation level is expected to be the same as yesterday. It is estimated that today Lun Copper is 64,500 US dollars per ton and Shanghai Copper 54900 won 52200 yuan per ton. It is expected that the spot water will rise to 100 yuan per ton today.
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