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Copper market afternoon commentary: London copper inventory growth aggravated demand decline concerns, overnight London copper closed down 1.
17%; The pressure of global interest rate hikes has appeared, copper consumption has declined significantly, and the willingness of domestic downstream replenishment has declined, and copper is expected to fall
slightly.
Europe plans to reduce natural gas use by 15%, and Russia is considering resuming gas
supply from the Nord Stream 1 pipeline.
U.
S.
housing starts fell 2 percent in June, the lowest
since September.
The dollar fell sharply in a row, and after a sharp rebound in non-ferrous metals, it fell
slightly yesterday.
Overnight, London copper bottomed out to close slightly negative, opening slightly higher at $
7316 today.
Shanghai copper opened slightly higher in the night session, and the shock closed the doji, closing at 56060
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
There is still pressure on the macro front, and supply and demand have returned 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 fell to 93 points compared with Shanghai copper, and the internal trend was slightly stronger than the external market
.
