Last night, the US released the January Conference Board Leading Economic Index, which recorded a monthly rate of -0.4%, lower than the previous value of -0.2% and below market expectations. Due to the impact of the 5-year LPR rate cut in China, metal prices rose both domestically and internationally. London copper fluctuated to a high of $8500 per ton last night, and during the Asian trading session, it oscillated narrowly above the daily average, peaking at $8549 per ton before retreating after the end of the Asian trading session. Shanghai copper jumped above multiple moving averages, with a significant gap below.
The lack of strong macroeconomic support is expected to lead to a slight rebound in the US dollar if the Federal Reserve remains cautious about further interest rate cuts in tonight's monetary policy meeting minutes. As a result, copper futures are expected to come under pressure and fall. Tonight, London copper will test support at $8500 per ton, while Shanghai copper will test support at 69,000 yuan per ton.

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