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January 12 copper market noon review

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Copper market afternoon commentary: Powell hearing speech to calm the market to boost commodities, overnight London copper firm closed up 1.
71%; Goldman Sachs raised its copper price forecast for this year due to declining global inventories, and copper is expected to rise
today.

Copper City

The Fed is optimistic about the economy, Powell is likely to be re-elected, and U.
S.
Treasury yields are lower
.
There were 1.
4 million new confirmed cases in the United States that day.

Overnight, Fed Powell said the rate hike was necessary but not hurt the economy and jobs
.
Market sentiment improved, and non-ferrous metals rebounded
across the board.

Overnight, London copper opened high and rose to close at $9730, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened higher and closed higher in Zhongyang, closing at 70250
.
Shanghai copper trading is stable, the position is slightly reduced, and the market sentiment is biased towards
neutrality.
Short-term macro fundamentals are biased towards neutrality, spot demand in the off-season is insufficient, and the medium-term market may continue to fluctuate
.
Upper pressure 71500, lower support 67000
.
Today's international copper premium fell slightly to 501 points compared with Shanghai copper, and the external trend was slightly stronger than the internal market
.

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