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July 14 Copper Market Afternoon Review

 Last Update: 2022-12-22
 Source: Internet
 Author: User

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Copper market noon commentary: the US dollar index rushed higher copper prices under pressure, overnight London copper closed slightly down $54; Domestic refineries resumed production after maintenance, rising inventories and rising demand worries, copper prices have been hindered, and copper prices are expected to fall
slightly today.

Copper City

The US CPI rose 0.
9% month-on-month in June, the largest month-on-month increase since June 2008; Core CPI rose 0.
9% month-on-month and 4.
5% year-on-year, a 30-year high
.
Overnight, US CPI data for June sharply exceeded expectations and reached a new high, and the market expected that the Fed may tighten monetary policy
.
The dollar rose sharply overnight, the euro yuan fell sharply, and most non-ferrous metals fell
.
Fed Powell will speak in Congress tonight, which may cause greater market volatility
.

Overnight, copper fell to close in the shade, opening slightly lower at $
9,382 today.
Shanghai copper opened sharply lower in the night session, and the shock closed in the small sun, closing near the 5-day moving average at 68970
.
Shanghai copper trading positions have declined, and market sentiment is biased towards the sidelines ahead of the
Fed's statement.
There is medium-term trend line support around 66000 below the copper price, and there is uncertainty in the macro aspect, which may continue to be volatile in the short term
.
Shanghai copper upper pressure 71000, lower support 66000
.
Today's international copper premium fell sharply to 384 points, and the external market sentiment was under pressure
.

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