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July 24 London Copper Afternoon Review

 Last Update: 2022-12-11
 Source: Internet
 Author: User

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Overnight, Lun copper rushed back down, breaking above $6,200 / ton after some bulls took profits, closing at $6,128 / ton, trading minus 4,773 to 13,943, and position down 2,616 to 312,000 lots
.

London copper

On the macro front, the total number of existing home sales in the United States in June was 5.
38 million annualized versus 5.
45 million expected, and the previous value was revised to 5.
41 million
.
Total US existing home sales in June were -0.
6% annualized m/m vs 0.
2% expected and revised to -0.
7%
prior.
U.
S
.
Treasury Secretary Steven Mnuchin said on Saturday that he and President Trump remained "fully" supportive of the Fed's autonomy.
He also said that the United States is not trying to interfere in the foreign exchange market
.
Overnight, the dollar bottomed out and rose slightly, and non-ferrous metals fell under pressure in the outer market
.
The offshore RMB fell again, and the trend of non-ferrous metals in the domestic disk was stronger
.

Previously, dragged down by the trade war, copper prices once fell below $6,000 support, and in the future, the trade war will continue to become a sword
on the head of copper prices.
In addition, in the case of limited supply and demand fluctuations, the market focuses on the Escondida mine negotiations, in addition, the sharp narrowing or even inversion of the refined waste price spread also supports refined copper consumption, forming a certain support
for short-term copper prices.
It is expected that copper prices will show a stable adjustment trend after the release of risks this week, and it is recommended to wait and see in
operation.

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