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August 10 Copper Market Afternoon Review

 Last Update: 2022-12-25
 Source: Internet
 Author: User

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copper trough sink

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Copper market afternoon commentary: Sino-US economic data is stronger than expected, overnight London copper edged up 0.
1%; China's demand outlook is becoming more and more promising, the downstream cable industry has recovered, and domestic and foreign copper inventories will further decline, and copper is expected to rise
slightly.

Copper City

US preliminary non-farm productivity for the second quarter was -4.
6% vs -4.
7% expected and -7.
3%
prior.
Passenger car retail sales in China in July increased by 20.
1%
y/y.
Fed officials spoke in a neutral manner, the market trend was conservative, and non-ferrous metals rushed back down overnight, mostly rising
.
Focus on tonight's US CPI data
.

Overnight, Lun copper rushed back to close Xiaoyang, opening slightly lower at $
7950 today.
Shanghai copper opened slightly higher in overnight trading, rushed back down and rose slightly, closing at 61310
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
The supply and demand situation is neutral, the macro uncertainty is still high, and the future market may continue to fluctuate the market, focusing on the macro situation
.
Shanghai copper upper pressure 65000, lower support 58000
.
Today's international copper fell to 357 points compared with Shanghai copper, and the external trend was slightly stronger than the internal market
.

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