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Copper market afternoon commentary: U.
S.
stocks and oil prices both fell, and London copper closed down $149 overnight; The resurgence of the epidemic or the implementation of lockdowns in more countries, the reduction of overseas accumulation of port cargo, and the cautious downstream sentiment are expected to see copper fall
today.
Liu He: We have full confidence
in China's economy next year.
China's official manufacturing PMI for November was 50.
1 vs 49.
6 expected vs 49.
2
prior.
The U.
S.
Chamber of Commerce consumer confidence index slipped to 109.
5 in November, the lowest since
February.
Eurozone preliminary CPI came in at a record high of 4.
9% y/y in November
.
China's manufacturing PMI in November exceeded expectations, but the global epidemic and inflation factors in Europe and the United States hit market confidence, crude oil fell sharply overnight, and non-ferrous metals fell
across the board.
Overnight, copper opened high and low, fell sharply to close the bardo, and today's U.
S.
copper opened
slightly higher.
Shanghai copper opened high and low at night to close slightly negative, closing at 69030.
Shanghai copper trading positions are basically stable, and market sentiment is biased towards
neutrality.
China's manufacturing industry is improving, the impact of the epidemic news is expected to be difficult to last, and copper prices may continue to be range-bound in the medium term
.
Shanghai copper upper pressure 75000, lower support 67000
.
Today's international copper premium from Shanghai copper rose slightly to 359 points, returning to normal levels
.
