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Copper market afternoon comment: China's industrial production in March slowed down, the next week London copper shock closed down nearly 1.
4%, the last period of copper inventories rose again, cable industry demand poor affect copper consumption, today copper is down
.
In the United States, the preliminary value of the University of Michigan consumer confidence index recorded 86.
5 in April, the highest since March last year, but well below the expectation of 89.
0, and consumers expect inflation to soar to a nine-year high
of 3.
7% in the coming year.
Eurozone CPI rose 0.
9% month-on-month in March; Expected at 0.
9%.
China's first-quarter economic data remained good on Friday, but slightly below expectations, and non-ferrous metals retreated
from highs on Friday.
LME: Copper stocks decreased by 4,100 tonnes
.
After a continuous surge in copper prices in the middle of the week, London copper rushed back down on Friday to close in the shade, opening slightly lower at $9159.
5 today
.
After opening sharply higher in the night session, the Shanghai copper plunged to close in the shade, closing above the 5-day moving average at 68130
.
Shanghai copper trading positions fell slightly, market sentiment is biased towards neutrality, and the 5-day moving average may stabilize
in the short term.
The support below Shanghai copper is strong, and it is expected to continue to rise
in the medium term.
Shanghai copper upper pressure 70000, lower support 65000
.
Today's international copper premium slightly shrank to 427 points compared with Shanghai copper, and the external sentiment was stronger
.
