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Copper market afternoon commentary: the US dollar stabilized and rebounded, and copper closed down 0.
9% under pressure overnight; The supply of raw materials for the improvement of the domestic epidemic is sufficient, but downstream consumption is still not ideal, and the sentiment of holders to cash in is aggravated, and copper is expected to fall
today.
US Chicago PMI for May: 60.
3; expectations: 55.
1; prior: 56.
4
.
Eurozone CPI recorded a preliminary annual rate of 8.
1% in May, continuing to hit a record high
.
France's GDP for the first quarter was 4.
5% year-on-year, 5.
3% expected, and 5.
3%
preliminary.
Overnight, European economic data fell sharply short of expectations, and Chinese and American manufacturing data exceeded expectations
.
Biden and Powell discussed inflation, expectations of interest rate hikes by the Federal Reserve rose, the dollar rose overnight, the euro fell sharply, and non-ferrous metals fell
across the board.
Overnight, London copper rushed back down and turned lower to close in the shade, opening slightly higher at $
9450 today.
After the Shanghai copper rose sharply yesterday, it opened low and closed in the shade at 71550
in overnight trading.
Shanghai copper trading rose, positions fell, and market sentiment was biased towards wait-and-see
.
The short-term exchange rate gradually stabilized, and copper prices continued to fluctuate as a whole
.
In the medium term, copper prices are likely to rebound
slightly in June, supported by a gradual recovery in domestic demand.
Shanghai copper upper pressure 74000, lower support 70000
.
Today's international copper fell to 787 points compared with Shanghai copper, and the external trend was stronger than the internal market
.
