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Trade Service
Copper market morning comment: overnight London copper rose sharply to close Zhongyang and hit a new high, opening slightly lower at $6174.
5 today
.
Shanghai copper overnight trading on the 5-day moving average stabilized and closed in Zhongyang, closing at 49830, short-term may continue to be strong
.
Shanghai copper trading declined, positions rose slightly, and market sentiment was strong
.
However, last week, the national copper inventory turned from falling to rising, and the market was wary of the greater uncertainty of the epidemic in the United States, and it was recommended to operate
cautiously.
There is strong pressure above 50000, and support at 46000
below.
The eurozone economy could contract by 13.
5%
in the second quarter.
Labour costs in the UK rose 6.
4 percent in the first quarter, the biggest increase since 2006
.
In the United States, JOLTS job openings in May were 5.
397 million, compared with 4.
8 million expected and 5.
046 million
in the previous month.
Overnight, the new diagnosis of the epidemic in the United States exceeded 50,000 again, many regions announced that they would stop restarting their economies, European and American stock markets fell sharply, and non-ferrous metal market confidence remained strong, most of them rose
.
The copper market continued to rebound to new highs on Tuesday, with optimism still dominating
.
But on the same day, the US stock market began to take profits, the epidemic continued to escalate, 20 US states were shut down, Trump said that he would not re-lock, and the epidemic had not yet reached its peak is pressure
.
The copper market is weak and strong, and the LME write-off of warehouse receipts accounts for nearly half of the total inventory is support, but spot turned to a discount on Tuesday
.
The latest news, the world's top three freeport mining production may double
from expectations.
Watch the copper price at
$6,200.
