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July 13 copper market noon review

 Last Update: 2022-12-25
 Source: Internet
 Author: User

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copper tungsten

non ferrous metals

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Copper market afternoon commentary: the strengthening of the dollar recession fears lingered, overnight London copper plunged 4.
13% to a new low in nearly 20 months; Peruvian copper mine began production, China's copper foil operating rate fell in July, and copper is expected to fall
today.

Copper City

The International Monetary Fund cut its U.
S.
economic and employment forecasts and warned of recession risks
.
The US NFIB SME Optimism Index recorded 89.
5 in June, the lowest since
January 2013.
The Eurozone's ZEW Economic Sentiment Index recorded -51.
1 in July, the lowest since
December 2011.
Yesterday, the euro dollar briefly fell below parity, the dollar reached a new high, market sentiment suffered a major blow, crude oil plummeted, and non-ferrous metals fell
sharply across the board.

Overnight, London copper opened low and fell to close in the long negative, opening as low as $7224 today
.
Shanghai copper opened low and fell to close at 55870 overnight, and may open a new low
with the external market today.
Shanghai copper trading positions all rose, and market sentiment improved
slightly.
There is still pressure on the macro side, and supply and demand on the spot side have returned to neutral
.
Short-term market sentiment remains fragile, and the US CPI may fall tonight, watch for whether market sentiment can gradually begin to stabilize.

Shanghai copper upper pressure 60000, lower support 53000
.
Today's international copper premium dropped sharply to 132 points compared with Shanghai copper, and the internal trend was stronger than the external market
.

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