[SMM Copper Morning News] the US dollar index hit a two-year low and risk aversion still exerts pressure on copper prices.

Published: Jul 28, 2020 08:55

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SMM, July 28th:

Last night, Lun Copper closed at 6430 US dollars / ton, up 0.47%. The trading volume was 11000 lots, and the long positions increased by 2411 to 317000 lots. The Shanghai Copper 2009 contract closed at 51600 yuan / ton, down 0.00%. The trading volume was 49000 lots, and the bulls reduced their positions by 162 to 113000 lots. Yesterday, the dollar index broke its lowest level since June 2018 to 93.47, as the dollar fell, dollar borrowing rates fell, monetary easing continued to push up large asset prices, spot gold hit an all-time high of $1945 in intraday trading, and US stocks rebounded yesterday. On the other hand, concerns about soaring new epidemics in the US and geopolitical risk restrictions on risky assets, copper prices fluctuated near the five-day moving average yesterday to repair some of the earlier declines, and overall market sentiment remained restrained. On the spot side, the market demand for bills weakens, and the holders who hold monthly tickets are less willing to raise prices. It is expected to be 6430-6490 US dollars / ton for Lun Copper and 51600-52000 yuan / ton for Shanghai Copper today. It is expected that the spot water will rise to 30-80 yuan / ton today.

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