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Copper market afternoon comment: many central banks implemented tightening policies to accelerate the risk of recession, and London copper continued to fall by 1.
94% the next week; China's refined copper production continues to increase, and the real estate sector is difficult to improve, dragging down copper consumption, and copper is expected to fall
today.
US industrial output came in at 0.
2% m/m in May, the lowest since December 2021, 0.
40% expected, 1.
10%
prior.
Eurozone CPI recorded a record high of 8.
1% in May
.
U.
S.
economic data fell short of expectations on Friday, European inflation reached a new high, market sentiment hit by expectations of interest rate hikes and poor economic outlook, and non-ferrous metals fell
sharply across the board in the evening.
London copper fell sharply on Friday to close in the shade, opening slightly higher at $
8,978 today.
Shanghai copper opened low and closed down at 68660
in the night.
Shanghai copper trading positions all rose, and market sentiment improved
slightly.
Domestic demand is basically stable, and Chilean copper mines are at risk
of strike.
However, in the macro aspect, the Fed has greater pressure to raise interest rates, and short-term copper prices have over-the-top rebound demand, and may gradually stabilize and return to the volatile market in the medium term
.
Shanghai copper upper pressure 72500, lower support 68000
.
Today's international copper turned to a discount of -1 point compared with Shanghai copper, and under the pressure of the Fed's interest rate hike, the external trend was significantly weaker than the internal market
.
