LME copper closed higher on Monday and is expected to give up gains later

At 17:00 London time on April 6 (00:00 Beijing time on April 7), three-month copper closed up 0.
92% at $
4,884 a tonne.

Copper futures rose 1 percent last week as better-than-expected manufacturing PMI data from China ended a six-week losing streak
.

Italy, the country with the highest number of coronavirus deaths in the world, reported the lowest number of new single-day deaths in more than two weeks, while in Spain, new deaths fell
for the fourth consecutive day.
Single-day deaths in France have also declined, and new visits to intensive care units have slowed
.

AJ Bell's head of investment said "signs of a peak in coronavirus cases in parts of the continent give some hope that this economic blow will be short-lived"
.
Meanwhile, Japan became the latest country to unveil a stimulus package aimed at mitigating the impact
of the pandemic.
Sucden Financial's head of research said risk appetite is expected to improve
as major economies reach and surpass the peak of the coronavirus curve.
However, in the longer term, prices are expected to give up gains as global economic conditions remain weak
.

On Monday, LME copper stocks fell by 1,050 tonnes to 217,475 tonnes
.
Inventories have been steadily declining
since hitting a 2020 high of 220,325 tonnes on March 17.
Copper stocks fell for the third week in a row to 332,435 tonnes on Friday, down 13%
from a nearly four-year high hit in mid-March, the data showed.

Copper producer Antofagasta said it would suspend operations of the Los Pelambres copper expansion project in Chile for four months due to the coronavirus, and other copper miners in the country are also considering production
cuts as Chile takes strict measures to contain the epidemic.
Chile is the world's
largest producer of copper.