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November 2 copper market noon review

 Last Update: 2022-12-26
 Source: Internet
 Author: User

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Copper market afternoon commentary: oil prices rebounded strongly, overnight London copper closed up 2.
9%; China may ease the epidemic restrictions to improve the demand outlook, while inventories in both London and Shanghai have decreased, and copper prices have been supported at the bottom, and copper may rise
now.

Copper City

China's Caixin manufacturing PMI 49.
2 for October vs 49 expected and 48.
1
prior.
The final Markit manufacturing PMI for October was 50.
4 vs 49.
9 expected and 49.
9
previously.
The US ISM manufacturing PMI for October was 50.
2 vs 50 expected and 50.
9
prior.
UK manufacturing PMI 46.
2 for October vs 45.
8 expected vs 45.
8
prior.
The US, US and UK manufacturing PMI data both exceeded expectations, and recession fears receded
slightly.
The dollar fell overnight, the yuan rose sharply, and non-ferrous metals rose
across the board.

Overnight, London copper rose sharply to close at $7660, and U.
S.
copper opened
slightly lower today.
Shanghai copper opened slightly higher in overnight trading, oscillating slightly higher above the 5-day moving average, closing at 63540
.
Shanghai copper trading is stable, positions rose slightly, and market sentiment is more optimistic
.
After the National Day, copper supply and demand improved, global inventories were low, and there was support
below copper prices.
Macro expectations are stable, and the market may be warmer
overall after the Fed's rate hike tonight.
Shanghai copper upper pressure 65000, lower support 62000.

International copper rose to 1222 points compared with Shanghai copper, and the external price was significantly higher than that of the internal disk
.

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