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London copper afternoon commentary: the Fed interest rate hike expectations cooled to boost risk appetite, overnight London copper closed up 0.
65%; Overseas copper mine supply is facing challenges, domestic inventories remain depleted and copper production is under pressure under power restrictions, and copper is expected to rise
today.
The cooling of Fed interest rate hike expectations boosted risk appetite, as the US August PMI data was weaker than expected, raising concerns about the strength of the US economy, and supported Fed Chairman Powell more inclined to slow down the pace of tightening, overnight London copper volatility rushed higher, late trading strong finishing, the latest closing quotation of 8105 US dollars / ton, closed up 52 US dollars, or 0.
65%, the volume of 17689 lots increased by 4230 lots, and the position 245448 increased by 954 lots
.
In the evening, Shanghai copper ran strongly, and the latest closing price of the main monthly 2209 contract was 63390 yuan / ton, up 570 yuan, or 0.
91%.
The London Metal Exchange (LME) reported 122375 tonnes of London copper on August 23, down 200 tonnes, or 0.
16%,
from the previous session.
