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Copper market afternoon commentary: oil prices continued to fall, overnight London copper shock closed down $19; The increase in internal and external copper inventories restricts copper prices to continue to rise, but there are still disturbances at the mine end and downstream consumption is gradually improving, and copper is expected to remain stable
today.
U.
S.
retail sales rose 3.
8 percent month-on-month in January, the highest
since March.
Eurozone industrial output rose 1.
2% month-on-month in December versus 0.
3%
expected.
The UK CPI rose 5.
5% year-on-year in January, the highest in nearly 30 years
.
U.
S.
and European economic data exceeded expectations, the minutes of the Federal Reserve meeting were released, there was no new news about raising interest rates, the dollar fell overnight, and the high volatility of non-ferrous metals mostly closed higher
.
Overnight, London copper rushed back down slightly to close the doji, closing at $9955, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened slightly higher in the night, and the shock closed the doji, closing at 71560
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
Domestic spot demand is general, macro fundamentals are basically neutral, copper prices are not strong, and may return to range-bound markets in the medium term
.
Shanghai copper upper pressure 73000, lower support 70000
.
International copper rose to 609 points compared with Shanghai copper, and the external trend was stronger than that of the internal market
.