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Copper market midday commentary: a weaker dollar boosted commodity gains, and London copper closed up $40 overnight; The European energy crisis continues to boost the non-ferrous sector, copper market production is weak and inventories remain low, copper is expected to rise
.
The US ISM manufacturing index came in at 58.
7 in December, well below expectations and hitting a 12-month low, 60 expected vs.
61.
1
prior.
The number of resignations in the United States reached a record 4.
5 million in November, and job vacancies
remain high.
European CPI data edged below expectations
.
U.
S.
economic data fell sharply short of expectations, market sentiment improved overnight, the dollar rushed back down, and non-ferrous metals mostly rose
sharply overnight.
Overnight, London copper bottomed out and turned up, and U.
S.
copper opened
slightly lower today.
After the sharp fall of Shanghai copper yesterday, the night trading stabilized at the 20-day moving average, and the sharp rise closed Zhongyang to hit a new high
in 2022.
There have been more macroeconomic data recently, and market volatility has increased, but copper prices remain range-bound
in the medium term.
Shanghai copper upper pressure 72000, lower support 67000
.
Today's international copper premium slightly rose to 583 points compared with Shanghai copper, and the external trend was significantly stronger than the internal market
.
