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Copper market afternoon commentary: risk appetite in global financial markets cooled, and copper closed down 0.
49% overnight; Domestic port copper concentrate inventories rose again, the demand side was still poor, and the transaction was still slightly cold, and copper was expected to fall
.
In the United States, the preliminary Markit manufacturing PMI in May was 57.
5, a three-month low, and the preliminary Markit services PMI was 53.
5, a four-month low
.
U.
S.
new home sales fell 16.
6% month-on-month in April, the sharpest
decline since the peak of the coronavirus crisis.
The preliminary manufacturing PMI of the Eurozone recorded 54.
4 in May, the lowest since
November 2020.
The economic data from Europe and the United States in May fell short of expectations, Sino-US and Sino-Japanese relations were tense, and most non-ferrous metals fell overnight
.
Overnight, copper bottomed out to close slightly negative, opening slightly lower at $
9478 today.
Shanghai copper opened low overnight, closed in a narrow range at 71410, and the main contract has switched to the 2207 contract
.
Shanghai copper trading declined, positions rose, and market sentiment was neutral
.
The short-term exchange rate stabilized, and copper prices rebounded
slightly.
In the medium term, copper prices are likely to rebound
gradually from May to early June, supported by a gradual recovery in domestic demand.
Shanghai copper upper pressure 74000, lower support 70000
.
Today's international copper fell to 469 points compared with Shanghai copper, and the external trend was slightly stronger than the internal market
.
