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July 19 copper market noon review

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

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Copper market afternoon commentary: oil prices are higher, overnight London copper closed up 2.
93%; Overseas copper mine shipments are not smooth, the domestic macro situation is improving, the spot market is warming up, there are revised expectations for weak domestic demand, and copper is expected to rise
.

Copper City

The US NAHB housing market index recorded 55 in July, the lowest since
May 2020.
U.
S.
real estate data fell short of expectations, with the Fed signaling another 75 basis point rate hike unchanged in July
.
Market sentiment improved, the dollar fell sharply continuously, and non-ferrous metals strengthened
across the board.

Overnight, London copper rose sharply to close in Changyang, opening slightly lower at $
7371 today.
Shanghai copper rose sharply to close in Zhongyang at 57190
in overnight trading.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
There is pressure on the macro side, and supply and demand are back to neutral
.
The Fed is expected to raise interest rates by 75 basis points next Thursday, after copper prices may continue to run
low.
The upper pressure of Shanghai copper is 60000, and the lower support is 54000
.
Today's international copper premium compared with Shanghai copper rose to 191 points, and the internal trend was slightly stronger than the external market
.

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