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Copper market afternoon commentary: oil prices rose more than 5%, overnight London copper closed up $160; The RRR cut by the domestic central bank has driven market risk sentiment, which is positive for short-term copper prices, coupled with the continuous destocking and high premium at home and abroad, copper is expected to rise
slightly today.
Central Bank: Cut the RRR by 0.
5% across the board, releasing a total of about 1.
2 trillion yuan
of long-term funds.
Germany's October seasonally adjusted manufacturing orders m/m came out at -6.
9% vs 1.
30% in the previous month and -0.
5%
expected.
Yesterday People's Bank of China the overall RRR cut exceeded expectations, the market sentiment was better, the yuan fell in the evening, copper prices rose sharply, and most non-ferrous metals rose
.
Overnight, London copper opened high and rose to close in the sun, and today U.
S.
copper opened
slightly lower.
Shanghai copper opened high and rose to close Xiaoyang at 69560.
Shanghai copper trading positions were down, and market sentiment was biased towards
neutrality.
The global economic data is poor, the market confidence is low, the copper price rebound is weak, and the range-bound market may continue in the medium term
.
Shanghai copper upper pressure 75000, lower support 67000
.
Today's international copper premium compared with Shanghai copper rose to 354 points, which is at a normal level
.
