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July 28 copper market noon review

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

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Copper market afternoon commentary: U.
S.
stocks rose to boost the commodity market, overnight London copper closed up 1.
45%; The recovery of China's demand outlook has led to a recovery in sentiment, supply and demand have steadily improved, inventories have declined, and copper prices have strengthened their bottom support, and copper is expected to rise
.

Copper City

US durable goods orders recorded 1.
9% m/m in June, the biggest increase since November 2021, -0.
5% expected, 0.
8%
prior.
The Fed officially raised interest rates by 75 basis points, in line with expectations
.
In his subsequent speech, Powell mentioned that the pace of subsequent rate hikes may slow down
.
Market sentiment has been greatly boosted, and it is expected that market sentiment will be positive
in August-September.
The dollar fell sharply overnight, and non-ferrous metals rose
across the board.

Overnight, London copper rose sharply to close in Zhongyang, opening higher at $
7705 today.
The Shanghai copper overnight session stabilized at the 5-day moving average to close at 58840, and may open
higher with the outside market today.
Shanghai copper trading positions rose, and market sentiment continued to improve
.
The supply and demand situation is neutral, the macro side is exhausted, the market sentiment is improving, and the market may continue the moderate rebound trend
.
Shanghai copper upper pressure 65000, lower support 57000
.
Today's international copper premium compared with Shanghai copper rose to 392 points, and the external trend was stronger than the internal market
.

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