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Copper market afternoon commentary: the lower dollar pushed the metal up across the board, and London copper rose 0.
47% the next week; After the fourth round of the national reserve metal auction, the tight supply of domestic industrial metals has eased, and spot copper may fall
slightly today.
September nonfarm payrolls were well below market estimates of 500,000, adding just 194,000 jobs, the lowest
in nine months.
U.
S.
wholesale sales recorded -1.
1% m/m in August, the lowest since
April.
On Friday, the US non-farm payrolls data fell sharply less than expected, the dollar tumbled, and non-ferrous metals rose
across the board.
On Friday, London copper stabilized and rose on the 20-day moving average, opening flat at $
9350 today.
Shanghai copper opened high and rose overnight, closing at 69340.
Shanghai copper trading declined, positions rose, and market sentiment was optimistic
.
Macro pressure has been released in the short term, but the long-term uncertainty is still high, and there is demand support at the spot end below, and copper prices continue to fluctuate in the medium term
.
Shanghai copper upper pressure 71900, lower support 67000
.
Today's international copper fell to 99 points compared with Shanghai copper, and the internal trend was stronger than the external market
.
