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June 8 Copper Market Afternoon Review

 Last Update: 2022-12-25
 Source: Internet
 Author: User

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Copper market afternoon commentary: The World Bank lowered its global economic growth forecast, and London copper closed down 0.
21% overnight; Domestic demand is weak, the epidemic has repeatedly made the market outlook full of uncertainty, hope for policy support, copper may hold steady
.

Copper City

China's foreign exchange reserves in May exceeded expectations
.
Ukraine will suspend exports of gas and coal to meet domestic supplies
.
European manufacturing data fell short of expectations
.
US CPI data will be released, and the market expects data to fall.

The dollar fell back overnight, and non-ferrous metals fluctuated
at a high level.

Overnight, London copper bottomed out, the amplitude was huge, closed slightly lower, and opened slightly lower at $
9740 today.
Shanghai copper opened lower overnight, stabilizing at the 5-day moving average to close in Zhongyang, closing at 72840
.
Shanghai copper trading declined, positions rose, and market sentiment was more optimistic
.
Domestic demand is basically stable, there are uncertainties in global copper mine supply, 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
.
Today's international copper premium rose to 1166 points compared with Shanghai copper, and the external trend was stronger than the internal market
.

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