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Copper market afternoon commentary: the dollar continued to brush highs, overnight London copper closed down $138; The Sino-US talks seem to have no good news, while the overall demand for domestic copper consumption is still weak, and the market sentiment is significantly sluggish, and copper is expected to fall
today.
U.
S.
retail sales recorded a month-on-month rate of 1.
7% in October, the highest
since March.
US Industrial Output MoM for October: 1.
6% Vs Expected: 0.
9% Previous Reading: -1.
3%.
Eurozone GDP for the third quarter was 3.
7% year-on-year preliminary and 3.
7% expected, compared with 3.
7%
in the previous month.
Overnight, U.
S.
economic data exceeded expectations across the board, Fed officials made tough speeches, the dollar continued to rise to new highs, and non-ferrous metals fell
under pressure.
Overnight, Lun copper rushed back down and turned to close the bardo, and U.
S.
copper opened
slightly lower today.
Shanghai copper opened high and low at night, closing at 70080.
Shanghai copper trading positions are down, market sentiment is biased to wait and see
.
Global macro fundamentals have improved slightly, copper prices stabilized around 70,000 points in the short term, and returned to range-bound markets in the medium term
.
Shanghai copper upper pressure 75000, lower support 67000
.
Today's international copper fell to 245 points compared with Shanghai copper, and the dollar rose weakly
.
