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Copper market afternoon comment: U.
S.
oil continued to brush a seven-year high, overnight London copper closed up $91; Spot copper prices are expected to rise
today, with the increase in refined copper production in September far less than expected, tightening inventories, and heightened supply concerns.
Eurozone CPI rose 0.
5% month-on-month in September; Expected at 0.
5%.
Indonesia plans to ban all commodity raw material exports
.
European price indices remained stable overnight, while the Federal Reserve document said it had a positive
outlook for economic activity.
The dollar tumbled, the euro soared, and non-ferrous metals rebounded
sharply.
Overnight, London copper bottomed out and rose slightly, opening slightly lower at $
10,178 today.
After a sharp fall yesterday, Shanghai copper opened high and rose to close in Zhongyang at 74750
in the night.
Shanghai copper trading positions are declining, and market sentiment is 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 pressure
in the medium term.
Shanghai copper upper pressure 77000, lower support 70000
.
Today's international copper premium fell slightly to 904 points compared with Shanghai copper, and the internal trend was significantly weaker than the external market
.
