November 4 copper market noon review

The U.
S.
Federal Reserve announced on November 3 that it would reduce asset purchases by $15 billion a month from later in November, and adjust the pace of bond purchases as appropriate to reduce market stimulus
.
US ADP employment for October: 571,000; expected: 400,000; prior: 568,000
.
U.
S.
factory orders rose 0.
2 percent in September versus an estimate of 0.
1 percent
.
Eurozone unemployment fell to 7.
4% in September; Expected at 7.
4%.

Overnight, the Fed announced the start of tapering its bond-buying program, and the pace of tapering by $15 billion per month was basically in line with market expectations
.
The dollar fell overnight, and non-ferrous metals rushed back down
.

Overnight, London copper continued to fluctuate in a narrow range around $9500 to close in a small negative, and U.
S.
copper opened
slightly higher today.
After the Shanghai copper daily market rose sharply, the night session opened low and went down to close the bardo, closing at 69700.
Shanghai copper trading rose and positions fell, and market sentiment was biased towards wait-and-see
.
Global macro fundamentals have improved slightly, and the uncertainty lies in Sino-US relations
.
Short-term copper prices may gradually stabilize around 70,000 points and return to the volatile market
.
Shanghai copper upper pressure 75000, lower support 67000
.
Today's international copper premium fell slightly to 278 points compared with Shanghai copper, basically returning to normal levels
.