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Copper market afternoon comment: the market waited for the central bank meeting, and London copper closed down $81 overnight; The domestic National Development and Reform Commission issued a document to strengthen market supervision, the power crisis continued to escalate, metal production was blocked, and spot copper prices are expected to fall
today.
US Richmond Fed Manufacturing Index for October: 12; Expectations: 5; Previous value: -3
.
U.
S
.
new home sales in September were 800,000 versus 759,000 expected and 740,000 in the previous month.
U.
S.
economic data and confidence indices exceeded expectations, the dollar rose sharply overnight, the market's panic about the energy crisis eased, and the non-ferrous metals pulled back
across the board.
Overnight, Lun copper rushed back down and turned green to close the shade, opening slightly higher at $
9773 today.
Shanghai copper opened low and fell to close in the shade overnight, closing near the 20-day moving average at 71440.
Shanghai copper trading stable position declined, market sentiment biased to wait and see
.
Copper prices stabilized in the medium term trend line and 20-day moving average, and there is no huge change in fundamentals at present, which may return to the volatile market
.
Shanghai copper upper pressure 77000, lower support 70000
.
Today's international copper premium compared with Shanghai copper fell sharply to 202 points, the tension in the external market was greatly eased, and the trend was weaker than the internal market
.
