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Copper market afternoon commentary: U.
S.
inflation data was less than expected, and London copper closed down $103 overnight; Chilean copper mine strike threat subsided, raw material tension eased, domestic refined copper smelting and processing fees continued to rise, copper prices are expected to fall
today.
National Energy Administration: Electricity consumption in August increased by 3.
6%
year-on-year.
The US CPI rose 0.
3% m/m in August versus 0.
4% expected vs.
0.
5%
in the previous month.
U.
S.
CPI rose 5.
3%
year-on-year.
This is the first time since November 2020 that market expectations
have been lowered.
Inflation worries subsided, the market expected the Federal Reserve to quickly reduce its bond-buying program, the dollar rose slightly overnight, and non-ferrous metals fell
across the board.
Copper tumbled overnight to close in the shade, opening slightly lower at $
9,429 today.
Shanghai copper opened slightly lower in the night session, rushed back to close slightly negative, closing at 69630
.
Shanghai copper trading declined, holdings rose, and market confidence began to recover
.
Short-term copper prices rushed high and encountered resistance, and there is still high uncertainty in the macro fundamentals of the future market, and it may enter a range-bound market in the medium term
.
Shanghai copper upper pressure 72000, lower support 67000
.
Today's international copper premium fell slightly to 315 points, and the external trend was weaker than the internal market
.
