July 11 copper market noon review

China's June CPI rose 2.
5% year-on-year versus 2.
4% expected and 2.
1%
prior.
China's June PPI increased 6.
1% year-on-year versus 6% expected and 6.
4%
prior.
U.
S.
nonfarm payrolls rose by 372,000 in June from 26.
8 expected, while the unemployment rate remained at 3.
6%, in line
with expectations.
U.
S
.
non-farm payrolls sharply exceeded expectations, and the unemployment rate was low, supporting expectations of interest rate hikes in the United States.
But the ECB reiterated a 125 basis point rate hike in July/September, and the dollar retreated after hitting a new high on Friday, with non-ferrous metals lower
across the board.

On Friday, London copper bottomed out and closed in the clouds, opening lower at $
7705 today.
Shanghai copper overnight trading rushed back to close Xiaoyang, closing at 59210, may open lower with the outside market today
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
There is still pressure on the macro side, supply and demand on the spot side have returned to neutral, and short-term market sentiment remains fragile
.
The future market still needs to look forward to favorable macro support
.
Shanghai copper upper pressure 66000, lower support 55000
.
Today's international copper premium compared with Shanghai copper rose sharply to 468 points, and the external trend was stronger than the internal market
.