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Copper market afternoon commentary: global market risk appetite has heated up, overnight London copper closed up 0.
12%; South American copper mine protest strikes increased, inventories maintained a downward trend, market confidence boosted by positive policies, copper may rise
.
Eurozone Q1 GDP final 0.
6% m/q, 0.
30% expected vs.
0.
30%
prior.
U.
S.
wholesale sales recorded a monthly rate of 0.
7% in April, the lowest
since December 2021.
Energy continued to rise overnight, crude oil soared near new highs, and U.
S.
Treasury Secretary Janet Yellen publicly said inflation had reached unacceptable levels
.
The dollar rose, and non-ferrous metals rose
across the board.
Overnight, London copper bottomed out to close the doji, rising slightly and opening slightly higher at $
9736 today.
Shanghai copper opened higher and closed at 72980
in the night.
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 compared with Shanghai copper rose to 1213 points, the external trend is stronger than the internal market, and the internal and external price comparison is close to the arbitrage range
.
