October 31 copper market noon review

The US core PCE price index rose 5.
1% year-on-year in September, below expectations of 5.
2% and 4.
9%
in the previous month.
The US one-year inflation rate in October is expected to be 5% vs 5.
10% expected vs 5.
10%
prior.
The Eurozone Industrial Climate Index came in at -1.
2 in October, the lowest since January 2021, -1.
8 expected, -0.
4
prior.
U.
S.
inflation data on Friday was largely in line with expectations, but remained at a high level
.
The outlook for the European economy continued to weaken, market sentiment was poor, the dollar rose slightly, and most non-ferrous metals fell
sharply.

On Friday, London copper opened low and closed in the long negative, closing near the 20-day moving average of $7558, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened low and closed low at 62400
.
Shanghai copper trading rose and positions fell, and market sentiment was cautious
.
The short-term market is under pressure from the Fed's interest rate hike in the early hours of Thursday morning, the medium-term macro outlook is neutral, the domestic peak season at the spot end, the inventory is extremely low, the spot is supported, and copper prices may continue the range-bound trend
in the medium term.
Shanghai copper upper pressure 65000, lower support 62000.

Today's international copper premium to Shanghai copper continued to rise to 1275 points, and the external price was significantly higher than the internal market
.