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Copper market afternoon commentary: the slowdown in US interest rate hikes boosted market risk appetite, and London copper closed up 2.
4% the next week; Global copper mine supply is worrying, with Shanghai copper inventories hitting a new low in more than half a year, and copper price bottom support strengthening, and copper is expected to rise
.
China's official manufacturing PMI for July was 49 vs 50.
4 expected vs 50.
2
prior.
The US Chicago PMI for July was 52.
1, the lowest since August 2020, 55 expected, 56
prior.
The US core PCE price index recorded 0.
6% m/m in June, the largest increase since May 2021
.
U.
S.
economic data fell short of expectations on Friday, the dollar fell, and non-ferrous metals rose
across the board.
Over the weekend, China's July manufacturing PMI fell short of expectations, Sino-US relations were tense, and the external market opened
significantly lower.
On Friday, London copper opened high and rose to close in Zhongyang, opening as low as $
7902 today.
Shanghai copper opened higher and higher at night, closing at 61190, which may open slightly lower with the outside session
.
Shanghai copper trading positions are basically stable, and market sentiment is biased towards
neutrality.
The supply and demand situation is neutral, the macro aspect returns to neutral, and the future market may enter the bottom shock market
.
Shanghai copper upper pressure 65000, lower support 58000
.
Today's international copper fell to 109 points compared with Shanghai copper, and the internal trend was slightly stronger than the external market
.
