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Copper market afternoon commentary: the stock market weak metal under pressure, overnight London copper closed down 2% and hit a new low in nearly 15 months; Domestic concentrate supply is relatively abundant and production is gradually recovering, downstream consumer demand is light, and copper may fall.
Eurozone preliminary consumer confidence for June -23.
6 vs -20.
5 expected and -21.
1
prior.
The UK's consumer price index rose 9.
1% year-on-year in May to an estimated 9.
1%, the highest
since 1982.
Fed Jerome Powell spoke, acknowledging that raising rates would hurt the U.
S.
economy, but another official said it was reasonable
to continue raising rates by 75 basis points in July.
The dollar fell slightly overnight, but concerns about the economic outlook sent commodities tumbling
across the board.
Overnight, London copper bottomed out and rebounded sharply to close in the shade, opening as low as $
8745 today.
Shanghai copper opened sharply lower in the night session, rebounded to close at 66850
.
Shanghai copper trading rose, positions fell, and market sentiment was biased towards wait-and-see
.
Domestic demand is basically stable, and Chilean copper mines are at risk
of strike.
However, the macro pressure is greater, and the trend of copper prices is still not strong, and it may fluctuate
at a low level.
Shanghai copper upper pressure 72000, lower support 66000
.
Today's international copper premium slightly expanded to 80 points compared with Shanghai copper, and the external trend is still weaker than the internal market
.
