March 7 Copper Market Afternoon Review

Government work report: This year's GDP target growth is about
5.
5%.
U.
S.
nonfarm payrolls rose by 678,000 in February, the biggest increase since July 2021
.
The US unemployment rate recorded 3.
8% in February, the lowest
since February 2020.
Eurozone retail sales rose 7.
8% y/y and 0.
2% m/m in January, compared with 1.
5%
expected.
On Friday, the economic data of the United States and Europe exceeded expectations, the market sentiment was optimistic, and non-ferrous metals rose
sharply across the board.
Today, Biden said that it may restrict Russian crude oil shipments, and U.
S.
oil rose 13% to $130 in early trading, and non-ferrous metals opened
sharply higher.

On Friday, London copper opened low and rose nearly 2% to close Changyang at $10,600, and U.
S.
copper opened sharply 1.
5%
higher today.
Shanghai copper opened lower and higher on Friday night, up 1.
7% to close at 73980
.
Shanghai copper trading positions are rising, and the market sentiment is optimistic
.
Domestic spot demand improved slightly, and macro fundamentals were neutral
.
Market sentiment is good, copper prices continue to be strong in the short term, which may last until the Fed interest rate meeting on the
15th.
Driven by news stimulation and crude oil, London copper is expected to reach a new high, with Shanghai copper pressure above 78270 and lower support 72000
.
International copper rose sharply to 2200 points compared with Shanghai copper, the external trend was significantly stronger than the internal disk, and the export profit margin opened
.