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Trade Service
On Friday night, Panlun copper closed at $4,700 / ton, down 2.
29%, with a volume of 25,000 lots, and long positions reduced to 8,280 to 286,000 lots
.
Copper prices briefly rebounded strongly on Friday, running above $4,900, but weakened again at late trading, returning to $4,700 / ton
.
The decline in copper prices on Friday evening was mainly due to the rise of market liquidity preference again, the US dollar index hit the 103 mark, copper prices came under pressure
.
At present, the United States has declared New York and Washington as major disaster areas, US stock index futures opened below the limit, crude oil once again approached the $20 mark, and copper prices are expected to continue to fall
today.
Affected by the epidemic, the copper mine production of copper producing countries such as Peru and Chile has been disrupted, and the domestic resumption of work and production is accelerating, but the current refined copper market is still in a state of oversupply, terminal consumption has not picked up significantly, copper prices in the short term are still mainly affected by macro risks and market sentiment, spot copper prices today or down
.
In terms of spot, the rise in market panic last week led to a large number of wait-and-see buyers in the spot market, and low-priced receivers were more positive
.
If prices return to low today, considering this week's long order demand, the discount is more likely to be
repaired.
It is expected to be 4470-4570 US dollars / ton
of London copper today.
