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Copper market afternoon comment: The U.
S.
economy continued to grow but not as expected, overnight copper high fell back to close up $4 at the end of the day, high prices led to sluggish demand, there was no obvious stock downstream before the holiday, and copper fell
today.
U.
S.
GDP for the first quarter was 6.
4% annualized in the first quarter, compared with an estimate of 6.
6% and 4.
3%
in the previous month.
The number of initial jobless claims in the United States for the week of April 24 was 553,000, compared with 540,000 expected and 547,000
in the previous month.
The Eurozone Industrial Sentiment Index recorded 10.
7 in April, a record high
.
Overnight, US first-quarter GDP and employment data fell short of expectations, and non-ferrous metal highs retreated
.
Overnight, London copper once rose sharply to a 10-year high of $10,008 before retreating to close in the clouds, opening higher at $
9,886 today.
Shanghai copper rose sharply on the day, hitting a new high at 73060 at one point in overnight trading, and then fell back to close at 71910
.
Shanghai copper trading rises, positions fall, the market is more cautious near the holiday, short-term copper price increases may face adjustment, and it is expected to continue to rise and reach new highs
in the medium term.
Shanghai copper upper pressure 75000, lower support 68500
.
Today's international copper premium compared with Shanghai copper rose sharply to 625 points, and the external sentiment continued to be optimistic
.
