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September 29 Copper Market Afternoon Review

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

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Copper market afternoon commentary: the dollar hit a 10-month high, overnight London copper closed down $95; High copper prices have pushed up the production costs of downstream enterprises, manufacturers have reduced production in line with national policies, market demand has slowed down, and copper is expected to fall
today.

Copper City

China's profits of industrial enterprises above designated size rose 10.
1% year-on-year in August, prior: 16.
4%.

People's Bank of China Yi Gang: China's potential economic growth rate is still expected to remain at 5%-6%, and the asset purchase plan
will not be considered for the time being.
Overnight, U.
S.
Treasury Secretary Janet Yellen warned Congress that if it did not raise the financial ceiling, it would soon face a financial crisis, and the Fed's Powell said that the conditions for tapering the bond-buying program had been met
.
The dollar rose sharply overnight, while non-ferrous metals mostly fell
.

Overnight, London copper fell more than 1% to close in the shade, opening higher at $
9273 today.
Shanghai copper opened low and fell to close in the shade at 68520
overnight.
Shanghai copper trading rose, positions fell, and market sentiment was not good
.
Under macro pressure, Shanghai copper is weak in the short term, but there is a certain spot support below, and the medium-term continuation of the range-bound market
.
Shanghai copper upper pressure 71900, lower support 66000
.
Today's international copper premium rose to 521 points, and the external trend was stronger than the internal market
.

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