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Copper market afternoon commentary: China's weakening demand concerns dragged down the market, overnight London copper closed down more than 1.
2%, the tight supply of copper mines in the second half of the year is expected to ease, the recent slowdown in overseas inventories, copper materials fell sharply today
.
On the macro front, Liu He had a video call
with US Treasury Secretary Yellen.
Eurozone PPI y/y for April was 7.
6% vs 4.
3% prior, 7.
3%
expected.
The Fed said upward pressure on prices had intensified, with some officials suggesting starting to reduce asset purchases and stop subsidizing businesses
unrelated to the pandemic.
The market was worried about the Fed's tightening of monetary policy, and the dollar rose sharply overnight, and non-ferrous metals fell
across the board.
Overnight, London copper opened high and lower, closing in the shade, opening slightly higher at $
10,140 today.
Shanghai copper opened low and traded low overnight, closing below the 5-day moving average, closing at 72820
.
Shanghai copper trading is stable, positions are rising, and market sentiment is slightly optimistic
.
Copper prices have pulled back in the short term, but the market sentiment is normal, may be volatile, and the medium-term trend has not been broken
for the time being.
Shanghai copper upper pressure 78270, lower support 70500
.
Today's international copper rise fell to 370, and the external trend was weaker
.
