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Copper market noon commentary: In order to ensure market order, LME conducted a copper trading investigation, and London copper closed down $87 overnight; Copper inventories have repeatedly reached new lows as disturbed by overseas mines, while high copper prices have weakened downstream consumer demand, and copper is expected to fall
today.
U.
S.
residential starts hit a six-month low in September; Building permits fell 7.
7%, the lowest level
since September 2020.
The Fed has signaled that it may need to take more aggressive measures to combat inflation, and the market expects that the Fed may start raising interest rates
in 2022.
The dollar fell slightly overnight, and after market sentiment cooled, non-ferrous metals fell
sharply across the board.
Overnight, London copper rushed back down to close in the shade, opening flat at $10,115 today
.
Shanghai copper opened low and fell to close in the shade at 73860
overnight.
Shanghai copper trading rose, positions fell, and market sentiment was biased towards wait-and-see
.
Short-term copper prices rose rapidly under the stimulation of European spot shortage, but domestic spot demand declined, global economic data was not good, and copper prices faced greater downward pressure
in the medium term.
Shanghai copper upper pressure 76700, lower support 70000
.
Today's international copper premium rose to 977 points compared with Shanghai copper, and the internal trend was significantly weaker than the external market
.
