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Copper market afternoon comment: domestic and foreign inventories rose demand is not good, the next week London copper closed down 0.
97%; Domestic supply surged, downstream consumption gradually returned to flattening, coupled with market sentiment and negative dangers, copper is expected to fall
.
The preliminary University of Michigan consumer confidence index for August was 55.
1, 52.
5 expected, and 51.
5
previously.
Eurozone industrial output in June was 2.
4% y/y vs 0.
8% expected vs 1.
60%
prior.
China's social finance data plunged in July, and US economic data exceeded expectations
.
Market sentiment was poor, the dollar soared, and non-ferrous metals fell
across the board.
On Friday, London copper opened low and closed in the shade, opening slightly lower at $
8,096 today.
Shanghai copper opened low and fell sharply in overnight trading, closing at 62210
.
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 eased, the short-term moderate rebound, and the overall medium-term may continue the range-bound market, paying attention to the situation in the Taiwan Strait and Sino-US relations
.
Shanghai copper upper pressure 64000, lower support 60000
.
Today's international copper premium fell slightly to 533 points compared with Shanghai copper, and the external trend was stronger than the internal market
.
