SMM, July 30th:
Last night, Lun Copper closed at 6476 US dollars / ton, up 0.11%. The trading volume was 11000 lots, and the long positions increased by 2515 to 318000 lots. The Shanghai Copper 2009 contract closed at 52010 yuan / ton, an increase of 0.25%. The trading volume was 66000 lots, and the long positions increased by 2773 lots to 123000 lots. Yesterday, the Federal Reserve decided to keep interest rates unchanged and promised to use "all tools" to support the economy and keep interest rates near zero. The dollar index rose to 93.17, its lowest level since May 2018, and monetary easing pushed commodity asset prices higher again. Spot gold rose more than 1 per cent at one point, and base metals generally rose. In addition, the three major indexes of US stocks rose more than 1% last night, A shares rebounded sharply during the day, and improved investor sentiment led to positive copper prices. Spot, the recent offer is relatively deadlocked, the overall market turnover is weak, it is expected that the situation will continue today. It is expected to be 6480-6540 US dollars / ton for Lun Copper and 51900-52300 yuan / ton for Shanghai Copper today. It is expected that the spot water will rise by 30-90 yuan per ton today.
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