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March 16 copper market noon review

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Copper market afternoon commentary: the dollar fell, overnight London copper closed slightly up 0.
05%; Domestic economic data is limited, while the growth of the scale of the epidemic has tightened control in various places and suppressed the rising sentiment of copper prices.

Copper City

The US PPI rose 10.
0% year-on-year in February, up 10.
0% expected and up 9.
7%
in the previous month.
Eurozone industrial output was flat in January from 0%
expected.
Eurozone ZEW Economic Sentiment -38.
7 in March vs 48.
6
previously.
Saudi Arabia is considering using yuan instead of dollars in its oil sales to China, and fears of Chinese sanctions from Europe and the United States have dropped sharply, and market sentiment has improved significantly
.
The renminbi rose sharply overnight, and non-ferrous metals rebounded
slightly.

Overnight, London copper bottomed out and recovered slightly red, closing at $9892, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened low overnight, and the shock rose to close Xiaoyang, closing at 71460
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
Domestic spot demand has improved slightly, macro fundamentals are biased towards neutrality, and short-term volatility may continue
.
The Fed has a high probability of raising interest rates tonight, and if a 25 basis point rate hike is in line with market expectations, the market may continue to rally
.
Shanghai copper upper pressure 75000, lower support 71000
.
International copper fell to 512 points compared with Shanghai copper, and the external trend was slightly stronger than the internal market
.

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