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Copper market afternoon comment: international oil prices continued to fall dragged down commodities, overnight London copper shock closed down $66, some smelters have a rush plan, April refined copper production continued to grow, today copper is now down
.
Initial jobless claims fell to 444,000 last week, the lowest since the pandemic, but the number of people receiving some form of government assistance remains at about 16 million
.
Germany's April PPI was 0.
8% m/m vs 0.
8% expected vs.
0.
9%
prior.
Palestine and Israel reached a ceasefire agreement, and the China-EU investment agreement was postponed
.
Overnight, U.
S.
employment data was less than expected, the U.
S.
is likely to continue to be easing, the dollar fell sharply, and non-ferrous metals continued to adjust.
Overnight, Lun copper rushed back down to close in the small negative, and basically opened flat at $10,002 today
.
Shanghai copper fell in daily trading, opened high and low in overnight trading, and closed in the shade, closing below the 20-day moving average at 73030
.
Shanghai copper trading is stable, positions are rising, and market sentiment is biased towards
neutrality.
The Fed news hit market confidence hard, short-term copper prices may continue to fluctuate and adjust, volatility is large, pay attention to positions
.
Shanghai copper upper pressure 75000, lower support 71000
.
Today's international copper premium fell slightly to 510, and confidence in the internal and external markets was insufficient
.
