April 29 Copper Market Afternoon Review

Today is the last trading day before the holiday, and there is no overnight trading
tonight.
It is expected that during the Labor Day holiday, the possibility of non-ferrous metal shocks in the external market is high, and it is recommended to do hedging operations and position margin adjustments
in advance.

U.
S.
GDP unexpectedly contracted by 1.
4 percent in the first quarter, the first decline since the summer of 2020, and was expected to be 1.
1 percent versus 6.
9 percent
in the previous month.
U.
S.
initial jobless claims last week were 180,000 versus 180,000 expected and 184,000
in the previous month.
U.
S.
employment remained optimistic, expectations of interest rate hikes strengthened, the dollar continued to strengthen, and overnight the dollar rose for the sixth consecutive day to a 19-year high of 103.
93, and non-ferrous metals mostly fell
.

Overnight, London copper bottomed out and closed in the shade, opening slightly lower at $
9,756 today.
Shanghai copper opened high and low in the night to close slightly negative, closing at 73200
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
The epidemic situation in Shanghai has risen again today, the epidemic situation in Beijing has not expanded, and the epidemic factors remain to be seen
.
Short-term copper prices are volatile, and in the medium term, supported by the gradual recovery of domestic demand, it is expected to gradually improve
.
Shanghai copper upper pressure 75000, lower support 72000
.
Today's international copper premium from Shanghai copper rose to 649 points, and the price of copper on the outside was stronger than on the inside
.