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Copper market afternoon commentary: overseas costs continue to rise, overnight London copper closed up 0.
52%; The quarterly decline in production in many copper mines has triggered supply concerns, domestic copper inventories continue to destock, copper prices have been supported, and copper may rise
slightly today.
The United States announced a new round of sanctions
against Russia.
Existing home sales in the United States fell 2.
7% in March, the lowest since June 2020, marking the eighth consecutive month of year-on-year declines
.
Eurozone industrial output in February was 0.
7% m/m vs 0.
7% expected and 0%
prior.
The number of new confirmed cases in Shanghai continues to decline
today.
The global economic outlook was weak, China's easing expectations continued, the dollar and yuan fell overnight, and most non-ferrous metals retreated
.
Overnight, London copper bottomed out to close the mid-shade, opening slightly higher at $
10,257 today.
Shanghai copper opened sharply lower in the night session, rushed back to close Xiaoyang, closed at 74310, and Shanghai copper is about to change the month
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
The epidemic situation in Shanghai is gradually stabilizing, market expectations are beginning to improve, and it is expected that copper prices will continue to fluctuate upward in April, and may weaken
after the Fed's interest rate hike in early May.
Shanghai copper upper pressure 78000, lower support 72000
.
Today's international copper premium compared with Shanghai copper rose slightly by 914 points, and the external market trend was stronger
.
