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Copper market afternoon commentary: oil prices strengthened, overnight London copper closed up 1.
4%; Domestic loose monetary policy continued, and terminal cable consumption was boosted by infrastructure construction, and low inventories were tight to support copper prices, and copper was expected to rise
.
U.
S.
jobless claims for the week ended Aug.
13 were 250,000 versus 265,000 expected and 262,000 previously, with the first surprise drop
in three weeks.
Eurozone CPI ended at 8.
9% y/y in July, continuing to hit a record high and unchanged than expected
.
U.
S.
employment improved, prices in Europe were flat, expectations of interest rate hikes by the Federal Reserve rose, and the dollar soared overnight and the euro tumbled
.
Non-ferrous metals rebounded
slightly overnight after falling sharply yesterday.
Overnight, London copper bottomed out and turned higher to close in Zhongyang, opening slightly higher at $
8,040 today.
The U.
S.
economy improved, with Shanghai copper opening higher overnight trading up 1.
1% to close at 62220
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
Supply and demand are neutral, macro global economic data is not good, copper prices may continue to range volatility in the medium term
.
Shanghai copper upper pressure 63500, lower support 60000
.
Today's international copper premium rose to 681 points compared with Shanghai copper, and the external trend was significantly stronger than the internal market
.
