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Copper price fell after the signing of Sino US trade agreeme

Author:mark Release time:2020-02-11 Page View:116
SMM news: copper prices fell Thursday as investors questioned whether the newly signed us China trade agreement could improve metal demand. At 16:37 B

 SMM news: copper prices fell Thursday as investors questioned whether the newly signed us China trade agreement could improve metal demand. At 16:37 Beijing time, three-month copper on the London Metal Exchange (LME) rose 0.32% to $6307 a tonne, down 0.2% earlier in the session. The main copper contract on Shanghai Futures Exchange fell 0.34% to 49200 yuan per ton. The US and China signed a long-awaited first phase trade agreement on Wednesday, easing an 18 month dispute between the two world's largest economies. But investors are worried that the deal will not substantially boost metal demand, as there are still many pain points that have not been resolved and demand has not improved significantly to support prices. "The price of copper is a little too high," said one metal Trader based in Singapore. The signing of the first phase agreement has been largely digested by the market. The market is not surprised. "




"There is not much demand for physical goods, and inventory has been low for quite some time. Once the market takes all these factors into account, it will not be able to drive a new round of gains, "the trader said. LME copper prices have risen 7.4% since December 5, driven by optimism over trade agreements. The latest data showed that LME monitoring warehouse copper inventory fell to a 10-month low of 128050 tons on Tuesday. A technical analyst said that the resistance level of LME three-month copper was $6371.54 per ton and the support level was $6225.47 per ton.

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