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Trade Service
Copper market afternoon commentary: market risk appetite reduced U.
S.
stocks fell, overnight London copper shock closed down $55, China will take measures to stabilize raw material prices, the current downstream demand is still flat, copper today fell
slightly.
Initial jobless claims in the United States fell by 39,000 last week to 547,000, unexpectedly falling to a pandemic-era low
.
Eurozone preliminary consumer confidence for April was released at -8.
1, -10.
8 prior, -10.
8
expected.
Passenger car retail sales in April are expected to be approximately 1.
63 million units, up 13.
9%.
The European Central Bank left interest rates unchanged, Biden plans to raise taxes sharply, panic pushed the dollar higher, and non-ferrous metal highs retreated
.
Chile's Escondida copper miners will begin negotiations for a new contract in June, which could pose a threat
to copper supplies.
Overnight, the copper high fell back to close in the small negative, opening flat at $
9395 today.
Shanghai copper rose on the day, opened high and low in overnight trading, and closed below the 5-day moving average at 69080
.
Shanghai copper trading positions are declining, market sentiment is biased towards neutrality, short-term may fluctuate at a high level, and is expected to continue to rise in the medium term
.
Shanghai copper upper pressure 70740, lower support 67000
.
Today's international copper premium from Shanghai copper rose slightly to 472 points, and the external sentiment continued to improve
.
