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September 4 London Copper Afternoon Review

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

Tags

non corrosive metals

short term energy

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Overnight, Lun copper rushed back down to close the small negative, continuing to hit a stage low
.
Manufacturing data from China and Europe continued to weaken, and copper prices continued to be weak
under macro pressure.

London copper

China's manufacturing PMI fell to 50.
6 in August, in line with expectations, but missed the previous month's 50.
8 and the lowest level since June 2017
, the joint Caixin/Markit report on Monday.
Eurozone manufacturing PMI final reading for August was 54.
6 vs 54.
6 expected, and preliminary reading was 54.
6, the lowest
since November 16.
China's official PMI rose slightly in August, but the Caixin PMI fell slightly and the Eurozone PMI hit a new low
.
The US dollar fluctuated slightly overnight, but macro factors continued to put more pressure on commodities, and non-ferrous metals continued to weaken
.

Overall, the escalation of the trade war is bound to depress metals in the near term, trade war fears will peak in the next month, and short-term sentiment will suppress copper prices
.
The technical volatility of the copper market has increased, and it is recommended to wait and see
for the time being.

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