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Copper market afternoon commentary: Rising inflation concerns put pressure, the next week London copper shock closed down $19, the number of newly discovered copper mines in recent years is insufficient, the last period of copper inventories fell for two consecutive weeks, today copper is rising
.
The core PCE price index in the United States recorded an annual rate of 3.
1% in April, the highest since
July 1992.
In the United States, inflation at the University of Michigan for the next 12 months in May was expected to be 4.
6%, the highest
since 2008.
Eurozone economic confidence index for May was 114.
5, compared with 112.
3
expected.
The economic data of the United States and Europe exceeded expectations, market sentiment was strong, and non-ferrous metals rose
across the board.
The LME is closed for one day
today.
After Friday's intraday plunge, it rose sharply in the evening to close in the sun, supported by U.
S.
economic data, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened low and went higher overnight, stabilizing and rising at the 5-day moving average to close at 73940
.
Shanghai copper trading is stable, positions are rising, and market sentiment is optimistic
.
Supported by macro news, copper prices have basically completed the adjustment, stabilized again, and continued to operate
at a high level in the medium term.
Shanghai copper upper pressure 78270, lower support 71000
.
Today's international copper rise fell to 380, and the internal trend was stronger
.
