SMM, July 27th:
On Friday, night trading closed at 6400 yuan / ton, down 1.63%. Trading volume was 20, 000 lots, and long positions were reduced by 2056 to 314000 lots. Shanghai Copper 2009 contract closed at 51590 yuan / ton, an increase of 0.72%, trading volume was 84000 lots, and short positions were reduced by 74 lots to 113000 lots. After a sharp correction in copper prices on Friday due to strained relations between China and the US, Panlun copper fell all the way down in the afternoon, falling $140from above $6500 a tonne to an one-week low. Copper prices rebounded to recover some of their losses after a sharp fall in the evening, but then turned downwards, closing at $6400 a tonne. Copper prices fell on Friday as investors worried about a tense international situation and a potential stagnant economic recovery, risk aversion returned, COMEX gold hit a record high of $1937.5, and global stock markets fell, dragging copper prices down. Copper prices are expected to remain under pressure today, but they are underpinned by supply-side support and a $1 trillion fiscal stimulus package to be discussed in the US this week, raising expectations of easing in the US and Europe and a limited correction in copper prices. On the spot side, consumption is weak after entering the off-season, and traders are not willing to receive goods after the end of long order delivery, so although copper prices fall, rising water is expected to rise. It is expected to be 6350-6420 US dollars / ton for Lun Copper and 51800-52200 yuan / ton for Shanghai Copper today. It is expected that the spot water will rise to 20-90 yuan per ton today.
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