[SMM Copper Morning News] crude oil stocks unexpectedly rose sharply copper prices fell

SMM, 31 October:

Duan Lun copper fell from above $5910 / tonne in European trading last night and rebounded to $5920.5 / tonne after falling as low as $5895 / tonne. After entering the US session, copper prices remained volatile, falling rapidly after 0 o'clock, hitting a low of $5863.5 per ton. Copper prices rebounded slightly at the end of the day, with copper closing at $5887 a tonne, down 0.57 per cent, with a trading volume of 12000, short positions of 1043 and positions of 290000.

Overnight Shanghai copper 1912 contract opened at 47460 yuan / ton, after the opening of copper prices fell back to 47400 yuan / ton, then copper prices rose, up 47570 yuan / ton. Copper prices fell again at the end of the session, and Shanghai copper closed down 0.17 per cent at 47400 yuan a tonne. Today, Shanghai copper index trading volume of 69000 hands, long position reduction of 144 hands, position volume to 545000 hands.

Copper prices fell last night, mainly due to EIA announced an unexpected increase in crude oil stocks of 5.702 million barrels, refined oil stocks fell less than expected, after the release of the data, crude oil prices fell by $0.50 / barrel, crude oil prices fell on copper prices to form a linkage. Macro eurozone economic indicators released yesterday were poor, the initial value of the US real GDP annualized quarterly rate was significantly better than expected, and the Fed's hawkish interest rate cut, the dollar may turn strong in the short term, a crackdown on copper prices. At present, the copper in Shanghai is negative, and the KDJ index is reduced, indicating that the upward movement of copper prices is weakened. Copper prices are expected to fall slightly today. Spot, due to the recent increase in the supply of market circulation, holders of greater pressure to throw goods, but due to the end of the month, the market buying sentiment is light, market transactions continue to stalemate. It is expected that today's London copper 5860 to 5910 US dollars / ton, Shanghai copper 47200 to 47600 yuan / ton, spot discount 20-liter water 20 yuan / ton.

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