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Copper market morning comment: Today's LME metals market was mixed, as of about 9:30 a.
m.
, London copper rose nearly 0.
2%.
Domestically, most non-ferrous metals were green, with international copper falling 1.
21% and Shanghai copper falling 1.
08%.
U.
S.
ADP employment posted last night only increased by 374,000, well below market expectations, while U.
S.
manufacturing expanded faster than expected in August, and manufacturers still face supply chain bottlenecks and labor market constraints
.
Affected by the poor performance of domestic economic data, investors' concerns about demand increased, and copper continued to fall
overnight.
In addition, yesterday's third batch of reserve auction ended, 30,000 tons of reserves combined with the recent inflow of imported copper to alleviate the tension of spot to a certain extent, pay attention to its short-term impact
on supply and demand.
On the supply side, TC continued to recover, refined copper production grew rapidly, and copper storage continued but was lower than expected
.
On the demand side, domestic inventories decreased slightly, and the premium was high; Imports are balanced, bonded premiums are low and rebounding; The fine waste spread is low
.
Overseas inventories have increased, and the recovery momentum in Europe and the United States has slowed down
under the influence of the epidemic.
London copper is expected to run at $9300-9400/ton today; Shanghai copper runs at 68500-69000 yuan / ton; Spot premium 160-liter 220 yuan / ton
.
