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According to news, London Metal Exchange (LME) copper futures were almost unchanged on Tuesday, holding near a one-week low, and the Chinese market was closed due to the Qingming holiday, making the market lack liquidity and direction
.
London copper prices have fluctuated in the range of $5,700-6,000 per tonne over the past month and are expected to rise in the second quarter as the second quarter is the peak demand season
.
Bank of America Merrill Lynch said in a report that it believes the physical market may tighten
before the arrival of summer at a time when basic activity in China is generally stable and industries such as wire and cable are picking up.
Shanghai is closed due to the Qingming Festival holiday
.
A measure of U.
S.
manufacturing activity fell from a two-and-a-half-year high in March as production and inventories fell; However, factory employment indicators have soared, indicating that the sector's energy-led recovery is gaining
momentum.
Factory activity in Europe and most Asian countries rebounded in March, with manufacturers ending
the first quarter strongly.
Sumitomo Metal Mining Co Ltd, Japan's second-largest copper smelter, said on Monday it expected copper production to rise 1.
1 percent
in fiscal year 2017/18 from the previous fiscal year.
A senior executive at Chile's Caserones copper mine said Monday that the mine should be fully operational
by mid-year.
Asian stocks edged lower on Tuesday after a meeting between Chinese President Xi Jinping and U.
S.
President Donald Trump earlier this week in what could be tense after cautious sentiment dominated markets
.
At 0540 GMT, three-month LME copper edged down 0.
1% to $5,750 a tonne, down 1.
5%
the previous day.
Earlier, copper prices fell as low as $5,740 a tonne since March 27, after falling below the 100-day moving average of $
5,785 a tonne on Monday.
