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Copper market afternoon commentary: during the Spring Festival, international oil prices continued to rise, and London copper closed up nearly 4%; The good non-farm payrolls data has raised concerns about the Fed's interest rate hike, copper prices have been limited, and Shanghai copper has sorted out at a high level on the first day of the market, and copper is expected to rise
slightly.
China's official manufacturing PMI for January: 50.
1, expected: 50, prior: 50.
3
.
The global manufacturing PMI in January fell 0.
6 percentage points from the previous month to 54.
7%, falling for the second consecutive month
.
The US non-farm payrolls paid 467,000 after the quarterly adjustment in January, 19.
9 in the previous month, and 15
expected.
The US unemployment rate was 4% in January vs 3.
9% in the previous month and 3.
9%
expected.
Global economic data during the Spring Festival holiday is basically in line with expectations, but the market currently expects the probability of the Fed's interest rate hike in March to be only about 50%, the dollar continues to fall sharply, and most non-ferrous metals rebound
.
London copper rose 1.
2%
during the holiday.
On Friday, London copper bottomed out and rebounded to close at $9875, U.
S.
copper opened slightly lower today, and it is expected that Shanghai copper may open higher with the outside market to around
71000.
Today's opening market may be volatile, short-term domestic holiday reserve market support, internal disk may strengthen slightly, there is still strong pressure around 72500 in the medium term, copper prices may continue to fluctuate the market
.
Shanghai copper upper pressure 72500, lower support 67500
.
