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Copper market midday commentary: the dollar continued to strengthen, overnight London copper closed down $181; The Fed's hawkish comments weighed on market risk appetite, the colored sector pulled back, and the market sentiment was cold on the last trading day before the Spring Festival, and copper is expected to hold steady
today.
Russia and Ukraine reached a ceasefire agreement
.
The U.
S.
economy recorded annual growth of 5.
7% in 2021, the best annual performance
since 1984.
The US existing home sales index in December was -3.
8% m/m, a one-year low
.
U.
S.
economic data is optimistic, the market expects the Federal Reserve to accelerate monetary tightening, the dollar soars to a new high overnight, non-ferrous metals trend divergence, copper and lead fall, aluminum zinc rises
.
Overnight, London copper opened low and fell to close in the shade, closing at $9725, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened sharply higher in the night session, rushed back to close in the clouds, and closed at 70330
.
Shanghai copper trading positions all declined, and the pre-holiday market trading was light
.
There is more short-term news, copper prices have a large amplitude, and the volatile market may continue in the medium term
.
Shanghai copper upper pressure 72500, lower support 67500
.
Today, international copper rose to 329 points compared with Shanghai copper, returning to normal levels
.
