November 7 copper market afternoon review

The global manufacturing PMI was 49.
4% in October, down 0.
9 percentage points from the previous month, falling for the fifth consecutive month month-on-month, falling below
50% for the first time since July 2020.
Nonfarm payrolls in the United States recorded an increase of 261,000 after the October seasonally adjusted, the smallest increase since December 2020
.
The US unemployment rate was 3.
7% in October vs 3.
6% expected and 3.
5%
previously.
The US unemployment rate rose sharply to 3.
7% in October, expectations of a rate hike by the Federal Reserve fell sharply, the dollar plunged on Friday, the yuan and the euro soared, and most non-ferrous metals soared
.

On Friday, London copper rose more than 7% to close at $8133, and U.
S.
copper opened sharply 2%
lower today.
Shanghai copper opened high and rose to close in Changyang overnight, closing at 66360.
Shanghai copper trading positions rose sharply, and the market sentiment was 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, short-term copper prices rise too fast, there is a need to adjust, and the medium term may continue the moderate rebound trend
.
Shanghai copper upper pressure 67000, lower support 62500
.
International copper rose to 1604 points compared with Shanghai copper, and the external price was significantly higher than that of the internal disk
.