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Copper market afternoon commentary: important inflation expectations in the United States fell to a one-year low, and London copper rebounded from a 20-month low the next week to close up 0.
99%; The supply of copper market has slowed down, and the demand for new energy industry has accelerated, and copper is expected to rise
slightly.
US retail sales in June 1% m/m vs 0.
8% expected vs -0.
30%
prior.
The preliminary 1-year inflation forecast of the University of Michigan in the United States fell to 5.
2% in July; Medium-term inflation expectations fell to 2.
8 percent, the lowest
in 12 months.
The preliminary University of Michigan consumer confidence index for July was 51.
1, 49.
9 expected, and 50
previously.
The EU's population declined
for the second year in a row.
European and American economic data exceeded expectations, and US inflation expectations fell, the US dollar high fell sharply, and non-ferrous metals rose across the board in overnight trading
.
After hitting a new low on Friday, London copper recovered nearly 1% and opened slightly lower at $
7172 today.
Shanghai copper opened higher and rose sharply to close in Zhongyang at 55150
overnight.
Shanghai copper trading rose and positions fell, and market sentiment was biased towards
neutrality.
Global economic data improved, and market pessimism faded
.
The domestic off-season on the spot side is coming, and the overall bias is neutral
.
It is expected that copper prices may gradually begin to bottom
out in a large volatile.
The upper pressure of Shanghai copper is 60000, and the lower support is 52000.
Today's international copper premium compared with Shanghai copper rose significantly to 401 points, and the external market trend was obviously stronger
.
