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Copper market noon comment: the US dollar index rose to a nearly five-month high, overnight London copper continued to fall to close down more than 1.
4%, LME copper stocks increased by more than 10,000 tons, the current refined copper consumption is less than expected, today's copper is down
.
U.
S.
President Joe Biden hopes to approve an infrastructure plan
expected to be between $3 trillion and $4 trillion in the summer.
The US Chamber of Commerce Consumer Confidence Index recorded 109.
7 in March, the highest since
March last year.
The chip shortage has caused a cumulative reduction of 1.
157 million units
in the global automotive market.
The dollar continued to rise overnight, U.
S.
Treasury yields reached new highs, and non-ferrous metals fell
under pressure.
Copper opened slightly lower overnight, oscillating near the 5-day moving average to close slightly negative, opening lower at $
8785 today.
Shanghai copper night trading in the 5-day moving average under pressure to close a small negative, closed at 65600.
Shanghai copper trading positions are relatively stable, market sentiment is neutral, there is support around 65000 below, short-term may fluctuate
around 65000.
The future market will pay attention to the details of the US infrastructure plan and Chinese manufacturing data
.
Shanghai copper upper pressure 70000, lower support 65000
.
Today's international copper fell to 132 points compared with Shanghai copper, and the external market sentiment was not good
.