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September 26 copper market noon review

 Last Update: 2022-12-26
 Source: Internet
 Author: User

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Copper market afternoon commentary: the strong dollar hit a new 20-year high, and London copper fell more than 3% the next week; The negative macroeconomic outlook hit metal demand, and the surge in copper inventories led to a decline in copper sentiment
.

Copper City

The preliminary Markit services PMI in the United States came in at 49.
2 in September, the highest since
June.
The preliminary Markit manufacturing PMI in the United States came in at 51.
8 in September, the highest since
July.
The Eurozone flash manufacturing PMI for September was 48.
5, the lowest
in 27 months.
U.
S.
economic data in September sharply exceeded expectations, expectations of interest rate hikes by the Federal Reserve rose, the dollar rose sharply on Friday to stand 113 points, the yuan and the euro tumbled, and most non-ferrous metals fell
sharply.

On Friday, London copper opened high and lower, closing in the long negative, opening slightly higher at $
7462 today.
Shanghai copper opened sharply lower in the night session, and the shock closed at 61290
.
Shanghai copper trading positions rose, and market sentiment improved
.
The short-term market is affected by the Fed's interest rate hike expectations, and there are stocking factors ahead of the National Day this week
.
It is expected that copper prices may be volatile this week, with the internal market stronger than the external market, and the optimism
after the National Day.
Shanghai copper upper pressure 63500, lower support 60000
.
Today's international copper premium rose to 673 points compared with Shanghai copper, and the external trend was stronger than the internal market
.

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