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Copper market afternoon commentary: U.
S.
stocks fell sharply, and copper closed stable under pressure overnight; Chile's copper production fell in January, global supply tensions have not eased, domestic smelting and processing fees continue to rise, downstream consumption is general, and copper is expected to fall
slightly today.
After the first round of negotiations between Russia and Ukraine, they will meet
again in the border areas of Poland and Belarus in the near future.
US Chicago PMI 56.
3 for February, 65.
2 prior, 63
expected.
The market panic dropped significantly, the dollar fell sharply overnight, and non-ferrous metals fluctuated
at a high level.
Overnight, Lun copper rushed back down to close Xiaoyang, basically flat, closing at $9860, and U.
S.
copper opened
slightly lower today.
After the Shanghai copper rose sharply yesterday, it fell back to close at 70750
in overnight trading.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
Domestic spot demand is general, macro fundamentals are slightly weak, and the Russia-Ukraine conflict has little impact on copper prices
.
Copper prices may continue to be range-bound in the medium term
.
Shanghai copper upper pressure 72500, lower support 70000
.
International copper rose to 184 points compared with Shanghai copper, which is at a normal level
.
