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Copper market afternoon commentary: stock market crude oil both fell, overnight London copper closed down 1.
5%; Expectations of a global recession have heated up, and weak PMI data in China has led to concerns about weak demand, putting pressure on copper prices, which may remain stable
now.
Eurozone Q3 GDP preliminary 2.
1% y/y vs 2.
10% expected vs.
4.
10%
prior.
Eurozone preliminary CPI came in at a pre-annualized 10.
7% in October, the highest
on record.
The US Chicago PMI for October was 45.
2 vs 47 expected and 45.
7
previously.
Poor economic data from China and the United States, a serious inflation crisis in Europe, and rising nervousness about the Fed's rate hike this week
.
The dollar rose sharply overnight, the euro yuan fell sharply, and non-ferrous metals weakened
across the board.
Overnight, London copper fell sharply to close in the bardo, and today US copper opened
slightly higher.
Shanghai copper opened low and closed high at 62150
in the night session.
Shanghai copper trading is stable, positions are declining, and market sentiment is biased towards
neutrality.
After the National Day, copper supply and demand improved, global inventories were low, and there was support
below copper prices.
Macro expectations are stable, and markets may stabilize
after the Fed's rate hike on Thursday.
Shanghai copper upper pressure 65000, lower support 60000
.
International copper premium decreased slightly to 1069 points compared with Shanghai copper, and the external price was significantly higher than that of the internal disk
.
