Fundamentals are strong in the short term, and copper tends to be stronger

In terms of the market, the willingness of cargo holders to ship is strong, traders are hedging before the holiday, and the downstream is basically weak in completing replenishment procurement
.
Domestic counter-cyclical increase to promote the recovery of terminal consumption such as automobiles and home appliances, the transmission of overseas supply disturbances may appear, and the fundamentals are strong in the short term to support copper prices
.
Today's domestic spot copper prices rose, Yangtze River nonferrous metal network 1# copper price was reported at 42820 yuan / ton, up 370 yuan, premium 110-liter 170; Guangdong spot 1# copper price was reported at 42930 yuan / ton, up 370 yuan; Yangtze River spot 1# copper price 42890 yuan / ton, up 380 yuan, premium 180-liter 200; Shanghai spot 1# copper price was 42820 yuan / ton, up 355 yuan
.

Industry News:

1.
Ivanhoe announced Monday that underground development of the Kakula mine in the Democratic Republic of Congo is ahead of schedule and said it will start production
on time and on budget by the third quarter of 2021.
The company said in a press release that the mining team is on track to set a new monthly development record of 1.
7 kilometers ahead of schedule, 562 meters
ahead of this month's plan.
According to a Pre-Feasibility Study (PFS) released last year, the Kamoa-Kakula project is expected to peak at more than 700,000 tonnes of copper per annum if successfully put on stream
.
The mining company also announced cost-saving measures that will cut costs by about $75 million, including reductions in spending this year at the Platreef Palladium-Platinum-Nickel-Copper-Gold-Rhodium Project in South Africa and the Kipushi Zinc-Copper-Lead-Germanium Mine in the Democratic Republic of Congo
.

2.
Freeport's El Abra copper mine in Chile said on Monday that it will reduce copper processing by 40 percent, from 110,000 tons per day to 65,000 tons
per day, as global copper prices plummet amid the coronavirus pandemic.
and layoffs, 275 people will be laid off
.

3.
Global mining giants BHP and Glencore's Antamina copper mine in Peru reported 210 confirmed coronavirus cases
on Monday.
The company said in a statement that 87 percent of cases were asymptomatic, while those with symptoms were mostly mild
.
The Antamina copper mine said two weeks ago it would suspend operations for at least two weeks to slow the spread of
the virus.

Shanghai copper fell slightly yesterday, with the main contract closing at 42300
.
At present, the downstream is in the peak consumption season, the spot premium continued to rise, the transmission of overseas supply disturbances may appear in May, copper fundamentals are strong in the short term, in addition, the blessing of storage and other favorable blessings also helped to rise copper prices
.
The pre-holiday price is expected to run high, if it can effectively break the long-term moving average, there is still room to rise, and if it cannot break through, it will maintain high volatility
.