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Copper market afternoon commentary: the stock market and oil prices rose to drive commodities, overnight London copper shock closed up $9, the Spring Festival approaching copper inventory is expected to accumulate, downstream stocking ended market consumption weak, copper today is falling
.
In January this year, the month-on-month increase in housing prices in China's 100 cities expanded
.
The final Markit manufacturing PMI for January was 59.
2, 59.
1 prior, and 59.
1
expected.
US Congress: The Fed is not expected to start raising interest rates
until mid-2024.
Eurozone January manufacturing PMI final value was 54.
8 vs 54.
7 prior, 54.
7
expected.
The Republican Party in the United States proposed to scale back the stimulus package from $1.
9 trillion to $600 billion, the dollar soared overnight, the yuan and the euro tumbled, and most non-ferrous metals fell
.
On Friday, London copper retreated slightly higher, closing at $7822.
5, and U.
S.
copper opened
slightly higher today.
Shanghai copper rose on the day, opened low below 58000 in overnight trading, and closed down at 57610
.
Shanghai copper trading positions fell slightly, market sentiment tends to be conservative, due to the uncertainty of the economic outlook and US stimulus policies, short-term copper prices fluctuate, follow-up attention to whether the stocking market before the Spring Festival can be started
.
Shanghai copper has an upper pressure of 58800 and a lower support of the 60-day moving average of 57000
.
Today's international copper premium compared with Shanghai copper shrank sharply to 336 yuan, and the external sentiment was obviously weak
.
