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November 8 copper market noon review

 Last Update: 2022-12-23
 Source: Internet
 Author: User

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Copper market afternoon commentary: The US stock market climbed to a record high, and the next week London copper performed strongly, closing up $91; Domestic copper concentrate processing fees have declined, domestic inventory warehouse receipts have decreased, market sentiment is good, and spot copper prices are expected to rise
today.

Copper City

China's imports and exports in October were both down
slightly from September.
The U.
S.
House of Representatives passed a $1.
2 trillion infrastructure bill
.
U.
S
.
nonfarm payrolls rose 531,000 in October, the biggest increase since July.
German industrial output in September was -1% y/y vs 1.
3% expected and 1.
7%
prior.
U.
S.
non-farm payrolls exceeded expectations, but formally passed a $1.
2 trillion infrastructure bill, and the dollar fell back on Friday, while non-ferrous metals mostly rose
.

General Administration of Customs: China imported 1.
797 million tons of copper ore and its concentrate in October, compared with 2.
111 million tons
in September.
On Friday, London copper bottomed out and rose slightly, and U.
S.
copper opened significantly higher about 0.
8%
today.
Shanghai copper opened low and closed high on Friday, closing at 70170.
Shanghai copper trading positions are basically stable, and market sentiment is slightly optimistic
.
Global macro fundamentals have improved slightly, uncertainty lies in Sino-US relations, and copper prices have returned to range-bound markets
.
Shanghai copper upper pressure 75000, lower support 67000
.
Today's international copper rose to 109 points compared with Shanghai copper, and the internal trend was stronger than the external market
.

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