[SMM Copper Morning News] US GDP fell 32.9% in the second quarter. Copper prices fluctuated widely in night trading.

SMM, July 31:

Last night, Lun Copper closed at 6455.5 US dollars / ton, down 0.32%. The trading volume was 12000 lots, and the long positions were reduced by 1702 to 320000 lots. The Shanghai Copper 2009 contract closed at 51730 yuan / ton, an increase of 0.08%, and the trading volume was 98000 short positions reduced by 269 to 122000 lots. Copper prices last night to maintain volatility, did not break through the recent operating range, is expected to need to consolidate for a period of time to wait for macro signals. Copper prices fell all the way from above $6500 after poor economic data released yesterday and daytime European economic data added to concerns about uncertainty about the economic recovery. Earlier in the evening, copper prices rebounded and recovered some of their losses, but it was announced that GDP in the United States fell 32.9% in the second quarter compared with the same period last year, rekindling market concerns. The Dow fell more than 500 points after opening, and copper prices also fell $60 in the short term, followed by an easing of short-term tension and a rebound in risky assets in late trading. On the spot side, the transaction has weakened at the end of the month, and traders have taken the initiative to lower their quotations, and the rising water is expected to decline slightly today. It is expected to be 6440-6500 US dollars / ton for Lun Copper and 51500-51900 yuan / ton for Shanghai Copper today. It is expected that the spot water will rise by 10-80 yuan per ton today.

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