Jingu News | The copper sector was under pressure in early trading, with China Gold International (02099) falling 7.26%, Jiangxi Copper (00358) falling 4.86%, and China Nonferrous Mining (01258), MMG (01208), and Chiho Environmental Protection (00976) falling more than 3%.
According to Zhuochuang information, the US non-farm payroll data was announced on the evening of June 7th. The number of non-farm employment in May increased by 272,000, which was significantly higher than expected. Market expectations for interest rate cuts this year decreased, and the US dollar index rebounded, suppressing copper price increases. The Shanghai Copper three-day Dragon Boat Festival was closed, while London Copper fell 3.91% on June 7th following this news. Market bullish sentiment has cooled, copper prices have shifted downward, and with the decline in US manufacturing data, the copper market's demand outlook has been questioned. It is expected that there is insufficient upward momentum for copper prices in the short term, and there is a risk of a correction.