April 13 copper market morning review

On the macro front, China's PPI rose 8.
3% year-on-year in March, and CPI rose 1.
5% year-on-year, unchanged
from the previous month.
The National Bureau of Statistics said that affected by the multi-point spread of the domestic epidemic, the price of vegetables and meat rose more obviously, from the national point of view, the production of key livelihood commodities remained stable, and it was currently greatly affected by transportation, and the future price increase space was limited
.

Fundamentally, according to the BNAmericas website, Chile's exports reached $24.
9 billion in the first quarter, up 11.
2%
year-on-year.
Among them, exports in March were 8.
88 billion US dollars, a year-on-year increase of 14.
8%.

In the first quarter, mineral exports totaled US$14.
1 billion, up 4.
1% year-on-year, accounting for 56.
7%
of total exports.
Copper exports amounted to US$5.
72 billion, up 8.
4% year-on-year, accounting for 40.
5%
of total mineral exports, driven by higher prices.
China remains Chile's largest exporter with 39.
3%, followed by the United States (15.
5%) and Japan (8.
4%)
.

Overall, macro policies may continue to maintain stability, investors' attention may still focus on the situation in Russia and Ukraine, and the enhancement of the willingness of midstream and downstream enterprises to purchase will continue to support copper prices in the short term, but weak economic growth in the medium and long term and tightening monetary policy and tightening monetary policy are still the resistance
to copper prices.