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Copper market afternoon commentary: U.
S.
stocks fell heavily and oil prices weakened, and London copper closed down $32 overnight; At present, the macro market sentiment is unstable, domestic policies support but no practical effect, and high copper prices inhibit transactions, it is expected that copper will fall
slightly today.
U.
S.
initial jobless claims last week were 248,000 versus an estimate of 219,000 versus 223,000
in the previous month.
U.
S.
housing starts fell 4.
1 percent month-on-month in January, the biggest drop since July
.
Overnight, U.
S.
economic data was less than expected, the market was still affected by the conflict between Russia and Ukraine, and non-ferrous metals fluctuated
slightly in overnight trading.
Overnight, London copper bottomed out and fell slightly, closing at $9922, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened slightly higher in the night session, rushed higher and fell back to close the doji, closing at 71230
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
Domestic spot demand is general, macro fundamentals are basically neutral, and copper prices may return to range-bound markets in the medium term
.
Shanghai copper upper pressure 73000, lower support 70000
.
International copper fell to 539 points compared with Shanghai copper, and the trend of the external market was slightly stronger than the internal market
.
