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Tight supply expectations support oil prices surge to boost commodities, overnight London copper shock after closing up $1, overseas demand recovery slowly, short-term copper market fundamental support is limited, copper today or slightly higher
.
Overnight copper prices first fell and then rose
.
Copper prices are still affected by the entire macro atmosphere, and the economic reopening in Europe and the United States gives people hope for economic recovery, but the possible second outbreak of the epidemic makes people feel worried, and Sino-US relations are not optimistic
.
Back in the copper market, the LME copper stock surge of 56,000 tonnes has put pressure on the market, but supply concerns remain
due to the recent expansion of the epidemic in South America and Africa.
Domestic copper spot premiums rebounded slightly, and low consumption buying supported the market
.
Overall, due to macro uncertainty, the high range volatility of copper prices will continue
.
Look for good short selling opportunities
in trading.
In the spot market, traders speculate and buy, low premium transaction activity is acceptable, downstream orders and demand are stable, and the overall transaction continues to improve
.
Markets are counting on more stimulus measures from economies around the world to boost metal demand, and RBC said copper prices are beginning to brew a rebound
.