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Positive for the copper copper review: China manufacturing focus on non-agricultural data

by:Deyuan      2020-12-23
Abstract: the dollar index is lower, but the evening before key non-agricultural data market sentiment, London copper closed up $7; China's manufacturing data boosted confidence in the market, is expected to this spot copper rose slightly.

today's copper price analysis and forecast:
a.
in the international market the latest U. S. manufacturing index fell unexpectedly in August a drag on a lower dollar, London copper closed up $7, the latest closing price to $4625; Volume 14785, holdings 330248 hand cut 10062 hands. Late August non-farm data before market sentiment remained cautious, copper or continuation of volatile today.

the London metal exchange on September 1, according to data released copper inventories increased 11250 mt to 304775 mt. Cancel the LME copper warehouse inventory than for 12. 79%.

2. Domestic market
1609 contracts opened today Shanghai copper current month 36430 yuan, 10 yuan, 'Shanghai copper 1609 contract price of 36440 yuan, up 20 yuan. Copper inventories increased again yesterday, and current inventory level is 30. High of 480000 tonnes in nearly 11 months, low contrast in early April 140000 tons year is up 116% so far; Yesterday, China's manufacturing data boosted confidence in the market, the construction lasts hot also drive the industrial metals demand outlook, is expected in Shanghai today there is still a rose, spot copper or slightly up.

hot financial information
1. China's official PMI index in August from the previous month sharply to 50. 4, good at 49. 8 expectations. Data for 49 last month. 9. National Bureau of Statistics (NBS) services survey center senior statistician Zhao Qinghe pointed out that the present production and manufacturing PMI in August the demand picks up, the characteristics of the structure was further optimized. China's official non-manufacturing PMI 53 in August. 5, 53 from the previous month. 9 come down, but is still in the expansion range.

2. On Thursday, the institute for supply management ( ISM) Released data show that in August the ISM manufacturing index is only 49. 4, significantly less than the expected values for 52 52, 7 month. 6. This is the ISM manufacturing the first contraction since February this year. The Wall Street journal, said in a stronger dollar, global growth is slowing, and the United States in uncertainty, U. S. manufacturing prospects uncertain.
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