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Copper market midday commentary: overnight London copper highs fluctuated sharply, opening flat at $
9279 today.
Shanghai copper opened higher and closed at 69040 near the 20-day
moving average in the night.
There is demand support at the spot end below Shanghai copper, but the macro uncertainty is high, and it may enter a range-bound market in the medium term
.
Shanghai copper upper pressure 71000, lower support 66000
.
Today's international copper premium fell sharply to 60 points, and the internal sentiment was significantly stronger
.
The dollar is volatile today, with last week's surprise rise in U.
S.
jobless claims released on Thursday, indicating volatile data last week as the job market continues to recover across the board
.
As the global economy rebounded and central banks hinted at the possibility of inflation, the 10-year Treasury yield rose
.
By midday's close, Shanghai copper was up 0.
46%.
People's Bank of China: Implement the policy
of 300 billion yuan for small reloans.
U.
S.
jobless claims for the week were 351,000 versus 320,000 expected and 332,000
in the previous month.
Eurozone Markit manufacturing PMI flash for September was 58.
7 vs 61.
4 prior, 60.
3
expected.
Overnight, the economic data of the United States and Europe were less than expected, the Fed said that it would not immediately reduce its stimulus policy, the dollar fell sharply, the euro yuan rose, and non-ferrous metals rose
across the board.
