May 9 Copper Market Afternoon Review

US non-farm payrolls for April: 428,000, expected: 38; prior: 43.
1
.
The U.
S.
unemployment rate remained at 3.
6% in April, and total employment is now about 1.
2 million below its pre-pandemic peak.

The US non-farm payrolls data for April slightly exceeded expectations, but it fell from the previous month, and the February / March employment data was revised downward, Biden admitted that US employment is the main contradiction
at present.
The situation of the Russia-Ukraine conflict is still fierce, and the market sentiment is not good
.
The dollar continued to rise to new highs, the renminbi depreciation pressure was greater, and non-ferrous metals fell
across the board on Friday.

On Friday, London copper rushed back down and turned lower to close in the shade, opening slightly lower at $
9351 today.
Shanghai copper opened slightly lower in the night, and the low oscillation closed the doji, closing at 71910
.
Shanghai copper trading rose, positions fell, and market sentiment was biased towards wait-and-see
.
Shanghai copper broke sharply, moving from an upward trend into a range-bound trend
.
Under short-term exchange rate pressure, it may continue to be weak
.
In the medium term, supported by the gradual recovery of domestic demand, it is expected to gradually stabilize and rebound, and the internal disk may be stronger than the external market
.
Shanghai copper upper pressure 75000, lower support 70000
.
Today's international copper premium compared with Shanghai copper is 474 points, and the internal and external trends are generally consistent
.