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October 14 Copper Market Afternoon Review

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

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Copper market midday commentary: the fall of the dollar boosted metals, overnight London copper rebounded to close up 2.
79% to hit a more than ten week high; Recycled copper imports fell sharply, social inventories fell, copper prices below strong support, and spot copper is expected to rise
today.

Copper City

China's September M2 rose 8.
3% year-on-year, compared with an estimated 8.
2%, 0.
1 percentage points
higher than the end of the previous month.
US CPI y/y in September was 5.
4% vs 5.
3% expected and 5.
3% prior; CPI rose 0.
4% m/m versus 0.
3%
expected.
Eurozone industrial output for August was 5.
1% y/y vs 7.
70% prior, 4.
70%
expected.
Overnight, the US CPI exceeded expectations, the Federal Reserve said that it will be in the lower bound of interest rates for a long time in the future, the dollar plummeted, and most non-ferrous metals rose
sharply.

Overnight, London copper rose sharply to close in Changyang, opening slightly lower at $
9,710 today.
Shanghai copper opened high and rose to close in Zhongyang, closing at 71480.
Shanghai copper trading positions are rising, and the market sentiment is optimistic
.
Macro news stimulated, spot demand has continued to be strong recently, short-term copper prices may continue to rebound, pay attention to the pressure around 72000-73000
.
Shanghai copper upper pressure 72500, lower support 67000
.
Today's international copper premium compared with Shanghai copper rose sharply to 1167 points, import arbitrage opportunities are close, and the internal trend is significantly weaker than the external market
.

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