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Copper market afternoon commentary: European and American manufacturing industry does not change the downward trend, global economic growth is still facing downward pressure; However, domestic policies support the market is getting rid of the impact of the epidemic, and low copper inventories support prices, copper may rise
today.
U.
S.
nonfarm payrolls rose by 390,000 after the May quarterly adjustment to 325,000 expected, compared with 428,000
in the previous month.
US unemployment rate 3.
6% in May vs 3.
50% expected vs 3.
60%
prior.
The US ISM non-manufacturing PMI for May was 55.
9, the lowest since February 2021, and 56.
4 expected vs 57.
1
prior.
Eurozone services PMI final for May was 56.
1 vs 56.
3 expected and 56.
3
prior.
US non-farm payrolls sharply exceeded expectations, the probability of consecutive 50/50 basis point rate hikes by the Fed in June/July rose to 90%, which was basically in line with expectations, the US dollar fluctuated sharply, and the LME opened
sharply higher today.
Chile's copper production fell significantly in April, environmental protection policies will still affect the production of many copper mines, Peru's copper ore output is also affected by the domestic situation, and copper prices rose sharply during the holiday
.
U.
S.
copper rose about 2.
55% during the holiday, and today London copper opened sharply 2.
9% higher to $
9,795.
Shanghai copper may open sharply above 73,000 today with the external session
.
Domestic demand continues to improve, global copper mine supply is uncertain, and Shanghai copper may continue its strong trend
before the Fed raises interest rates on June 15.
Shanghai copper upper pressure 75000, lower support 71000
.
