SMM, July 29th:
Last night, Lun Copper closed at 6469 US dollars / ton, up 0.61%. The trading volume was 15000, and short positions were reduced by 641 to 316000. The Shanghai Copper 2009 contract closed at 51830 yuan / ton, an increase of 0.25%. The trading volume was 64000, and the long positions increased by 2467 to 117000. Copper prices rebounded after hitting a low last night, with Lun copper falling to a low of $6391 a tonne, followed by a strong rebound, which rose more than $70 a tonne in the evening. Shanghai copper also maintained its upside after opening at night, recovering its diving decline in the afternoon. On the macro level, negotiations on a new round of stimulus package in the United States are difficult. In July, the consumer confidence index fell more than expected, and the three major stock indexes of the United States fell across the board, indicating the continuing impact of the epidemic on the United States. Copper prices are expected to remain volatile, underpinned by loose money and tight supply expectations. Spot aspect, the market has basically turned to next month ticket quotation, the transaction presents the prize pool seesaw. It is expected to be 6400-6470 US dollars / ton for Lun Copper and 51500-51900 yuan / ton for Shanghai Copper today. It is expected that the spot water will rise to 30-100 yuan / ton today.
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