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October 22 copper market noon review

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

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Copper market midday commentary: the dollar rose, overnight London copper closed down $424; Domestic coal prices continue to plummet, dragging copper prices back from high levels, the market is worried about slowing demand, Shanghai copper performance is weak, and spot copper prices are expected to fall
today.

Copper City

The number of initial jobless claims in the United States for the week ended October 16 (million) was 29.
3 in the previous month, the forecast value was 29.
7, and the published value was 29
.
U.
S.
employment data beat expectations, hitting a 19-week low, the Federal Reserve announced overnight that it would ban members from investing in financial products, expectations of tighter monetary policy by the Federal Reserve continued to rise, and the dollar rose
.
The black overnight market continued to fall sharply, driving non-ferrous metals to fall
sharply across the board.

Overnight, London copper fell nearly 4% to close the long black candlestick, closing at $9,785 and opening higher at $9,847 today
.
Shanghai copper opened low and fell to close the long black candle at 71710
overnight.
Shanghai copper trading positions are rising, and market sentiment is slightly optimistic
.
There is pressure at the macroeconomic level of the future market, and there is spot buying support below, which may continue to be volatile in the medium term
.
Upper pressure 77000, lower support 70000
.
Today's international copper premium from Shanghai copper continued to rise to 1062 points, and the external trend was significantly stronger than the internal market
.

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