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Copper market afternoon commentary: Concerns about the US inflation outlook persist, London copper continued to weaken the next week to close down more than 1%, policy level to ensure supply and price stability continued to put pressure, the recent downstream consumption growth is slow, copper today fell
sharply.
President of China Nonferrous Metals Industry Association: The price increase of bulk commodities seriously deviates from the industrial operating price chain
.
The US Markit manufacturing PMI for May was 61.
5 preliminary vs 60.
5 prior, 60.
2
expected.
Eurozone preliminary manufacturing PMI for May was 62.
8 vs 62.
9 prior, 62.
5
expected.
Germany's PPI surged further in April, rising at the fastest pace since surveys began in 1996
.
On Friday, economic data from Europe and the United States exceeded expectations, inflation fears rose again, the dollar rose sharply, and non-ferrous metals mostly fell
.
On Friday, London copper opened low and fell to close at a new recent low of $9,901, and opened slightly higher at $
9,902.
5 today.
Shanghai copper opened high and low in the night trading at the 20-day moving average, under pressure to close in the shade, closing at 71750
.
Shanghai copper trading stable position rising, market sentiment is optimistic, copper prices fell after the market buying strengthened, short-term continuation of the adjustment of the market, the future market is expected to gradually stabilize
above 70,000 points.
The current main contract has been moved to the 2107 contract
.
Shanghai copper upper pressure 75000, lower support 70500
.
Today's international copper fell to 382 yuan compared with Shanghai copper, and the external market sentiment was not good
.