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Copper market afternoon commentary: soaring oil prices boosted the market, overnight London copper closed up 2.
24%; Non-ferrous metal supply disruption continues to intensify, market concerns have driven nonferrous collective red, coupled with the domestic economy remains resilient, copper is expected to rise
today.
The Russian and Ukrainian delegations will hold a new round of negotiations
on March 2.
US February ISM manufacturing index 58.
6 vs 58 expected, previous reading 57.
6
.
US construction spending in January was 1.
3% m/m vs 0.
1% expected vs.
0.
2%
prior.
The Eurozone manufacturing PMI for February was 58.
2, compared with preliminary reading of 58.
4
.
U.
S.
economic data has greatly exceeded expectations, the Russian-Ukrainian conflict is expected to be resolved, and many places in China have supported the real estate industry
.
Market sentiment was high overnight, with crude oil soaring more than 10%, driving non-ferrous metals up
across the board.
Overnight, London copper opened high and rose more than 2% to close in Changyang, closing at $10,080, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened higher and closed high in Zhongyang at 70670
.
Shanghai copper trading positions are rising, and the market sentiment is optimistic
.
Domestic spot demand improved slightly, and macro fundamentals were neutral
.
Market sentiment is better, copper prices continue to rebound in the short term, Shanghai copper upper pressure 73000, lower support 70000
.
International copper rose to 435 points compared with Shanghai copper, and the external trend was stronger
.
