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Copper market afternoon commentary: Pressed by the strengthening of the US dollar index, London copper closed down $203 overnight; The global supply of copper mines is sufficient, domestic price monitoring has cooled market demand, and Shanghai copper has recently come under pressure to decline, and copper is expected to fall
today.
The US ISM services PMI fell to 60.
1 in June from 64.
0 in the previous month, and the Markit services PMI fell to 64.
6
from 70.
4 in the previous month.
Eurozone retail sales recorded 4.
6% m/m in May, the highest
since June last year.
The US services PMI is less than expected, experts predict that economic growth will peak in June, tonight the Federal Reserve will release the minutes, the dollar rose sharply overnight, and the plunge in crude oil drove a rapid plunge in non-ferrous metals
.
Overnight, London copper rushed back down, closed under pressure on the 20-day moving average, and opened slightly lower at $
9302 today.
Shanghai copper opened low and fell to close the long black candle at 68140 below the 5/20-day
moving average overnight.
Shanghai copper trading rose sharply, positions fell, and market sentiment was not good
.
There is medium-term trend line support around 66,000 below copper prices, but inflation concerns have risen again and may continue the volatile market
.
Shanghai copper upper pressure 71000, lower support 66000
.
Today's international copper premium fell sharply to 157 points, and the external market sentiment was not good
.
