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Copper market morning comment: Shanghai copper rose 1.
55% to 66340
.
As macro sentiment eased, the market atmosphere improved, driving the release
of bulls.
As recent important economic data and risk events at home and abroad are also concentrated, including the US mid-term elections and the inflation data that the Federal Reserve pays attention to, it is necessary to remain cautiously optimistic
about short-term copper prices.
On the macro front, U.
S.
consumer credit in September, NFIB small business confidence in October, and the annual rate of commercial retail sales in the Red Book last week all underperformed, further fueling market expectations
that the Fed will slow the pace of interest rate hikes.
Overall, inflation in the United States continues to be high, allowing the Fed to continue to maintain tightening policy, and the macro environment is unfavorable
.
Shanghai copper supply factors and spot high premium support copper prices relative resistance, short-term breakthrough of 60,005 important resistance or strong, but the long-term is not optimistic
.
