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Copper market midday commentary: the dollar rebounded slightly higher, overnight London copper closed down 0.
17%; The second round of environmental protection inspections was fully launched, as well as the impact of limited electricity production, electrolytic copper production fell by 1.
3% month-on-month, and copper prices are expected to rise
slightly today.
Eurozone Sentix investor confidence 19.
6 for September; previous 22.
2; expectations 19.
7
.
German July quarterly factory orders were 24.
4% y/y, 18.
9% expected, prior: 26.
2
%.
Yesterday the US Labor Day was closed, and European economic data was mixed
.
Market sentiment was poor, the dollar rose, and non-ferrous metals fluctuated
slightly.
Supply London copper bottomed out to close Xiaoyang, opening higher at $
9460 today.
The Shanghai copper overnight session opened slightly higher, oscillating to close the doji, closing above the 20-day moving average at 69580
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
The rebound of copper prices is insufficient, and it may enter a range-bound market in the medium term
.
Shanghai copper upper pressure 72000, lower support 65000
.
Today's international copper premium fell slightly to 392 points, and the external trend was weaker than the internal market
.
