Copper prices have limited upward momentum, and it is difficult to get rid of range-bound trends

During the Asian session, London copper fluctuated weakly, and the latest quotation at 15:00 Beijing time was 5133 US dollars / ton, down 6 US dollars, or 0.
12%.

European and American manufacturing activities contracted, demand fell significantly, today London aluminum shock operation, LME three-month aluminum Beijing time at 15:00 at 1509.
5 US dollars / ton, down 0.
5 US dollars, or 0.
03%
from the previous trading day's settlement price.

In terms of the market, traders are willing to receive goods at low prices, but holders are still holding prices, and supply and demand are deadlocked, which inhibits some downstream consumption
at a high level.
Today's domestic spot copper prices rose slightly, Yangtze River nonferrous metal network 1# copper price was reported at 42120 yuan / ton, up 100 yuan, premium 160-liter 220; Guangdong spot 1# copper price was 42200 yuan / ton, up 110 yuan; Yangtze River spot 1# copper price 42160 yuan / ton, up 100 yuan, premium 200-liter 220; Shanghai spot 1# copper price was 42110 yuan / ton, up 135 yuan
.

Industry News:

1.
Minmetals Resources said that copper production fell by 20% in the first quarter because Las Bambas copper mine production was lower than planned, and the mine announced force majeure
.
Las Bambas copper concentrate production fell 28% to 73,319 tonnes
.
In the three months ended March 31, MMG copper production totaled 91,911 tonnes, compared to 114369 tonnes
in the same period last year.

2.
On April 23, the Solid Waste Center announced the sixth batch of restricted import approvals
this year.
There are 6 copper-related enterprises approved this time, with a total approval volume of 2,150 physical tons
.
At the same time, the Solid Waste Center announced import approvals for 1,030 tonnes of aluminium scrap and 1,510 tonnes of scrap
.
So far, the Solid Waste Center has announced 529,761 tons of scrap copper import approvals this year, 476,679 tons of scrap aluminum import approvals and 11,230 tons
of scrap steel import approvals.

3.
According to the monthly report released by the World Bureau of Metal Statistics, from January to February 2020, the global copper market was oversupplied by 98,000 tons, and there was a shortage of 197,000 tons in 2019
.
Global mine copper production from January to February was 3.
48 million tons, an increase of 10%
over the same period last year.
Global refined copper production was 3.
85 million tons, an increase of 6.
5% year-on-year, of which Chile production increased by 49,000 tons, and global copper demand was 3.
75 million tons in January-February, compared with 3.
61 million tons
in the same period last year.
China's apparent demand was 1.
886 million tons, an increase of 8.
5%
over the same period last year.
EU28 production decreased by 4.
3%, and demand was 497,000 tons, down 9% from the previous year; In February, global refined copper production was 1.
8648 million mt, and demand was 1.
8576 million mt
.

At present, China's economy is slowly recovering, consumption is in a small peak season, and the disturbance of overseas supply is still expected to be transmitted to the domestic in the future, copper prices are expected to remain strong in the short term, but in the medium term, the replacement consumption of refined copper scrap is difficult to maintain for a long time, consumption is suspected of advance, overseas mines are gradually resuming work, the disturbance of concentrate is only a phased phenomenon, copper prices have limited upward momentum, and it is expected to be difficult to get rid of the trend of range shock
.