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October 13 copper market afternoon review

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

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Copper market afternoon commentary: rising energy costs caused inflation concerns, overnight London copper fell to close down 0.
81%; Tight domestic power supply limits industrial metal production, demand may decline, and spot copper is expected to fall
today.

Copper City

The U.
S
.
House of Representatives approved an increase in the short-term debt ceiling.
The number of job openings in the United States fell by 659,000 in August, the third-largest decline on record and the first monthly decline
this year.
U.
S.
employment data was strong, the market expected the Federal Reserve to start tapering bond purchases from next month, the dollar rose sharply overnight to a new high for the year, and non-ferrous metals mostly fell
.

Overnight, copper fell to close in the shade, opening lower at $
9425 today.
Shanghai copper opened high and low in the night to close in the shade, closing at 69820.
Shanghai copper trading positions are down, and market sentiment is biased towards
neutrality.
On the macro side, the long-term uncertainty is still high, while there is spot support below, and copper prices continue to be range-bound in the medium term
.
Shanghai copper upper pressure 71900, lower support 67000
.
Today's international copper premium rose to 460 points compared with Shanghai copper, and the internal trend was weaker than the external market
.

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