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London Metal Exchange (LME) copper rose to its highest level in nearly three weeks on Tuesday amid signs that the coronavirus outbreak may be slowing and investors pinned their hopes that massive stimulus measures would repair economic losses
.
At 17:00 London time on April 7 (00:00 Beijing time on April 8), three-month copper closed up 3.
19% at $5,054 a tonne, the highest level
since March 18.
Still, some analysts are cautious about the rally that pushed other risk assets such as industrial metals and stocks higher for the second day in a row
.
Commerzbank analysts said: "We are not out of the woods
yet.
The demand problem is more serious than the reduction in supply, and I think it is too early
to say that everything is fine.
I wouldn't be surprised
that prices will fall, or even a lot, in the coming weeks.
Once we get more data on the economic situation or metal demand, I think the data will be devastating and could end the rally
.
”
Glencore's Zambian subsidiary, Mopani CopperMines (MCM), said in a statement that it would shut down its mining operations on April 8, but until further notice, the company would continue to process
materials at its smelter site.
The statement did not give an end date
for the closure.
Earlier, Zambia's mining minister said it would be closed for three months
from April 7.
MCM said it was in talks
with the Zambian government and trade unions about its commitment to the workforce.
On Tuesday, Chinese mainland reported 32 new confirmed cases of new coronary pneumonia, all of which were imported cases; No new deaths; There were 12 new suspected cases, all of which were imported from abroad
.
The data shows fewer new infections reported in some of the hardest-hit areas of Italy and the United States
.
Mark Haefele, Chief Investment Officer of Global Wealth Management at UBS, said: "The latest news on the outbreak is in line with our central scenario forecast that the outbreak will peak in Europe in early April and in the US in mid-April
.
This will push for the easing of
restrictions to begin in mid-May.
”
Economists say the global economy is entering a recession, though most remain hopeful that the economy will bounce
back quickly.
A metals trader said, "At present, the number of new coronavirus infections in Europe has decreased, and the market has
rebounded.
Markets are still waiting for more fiscal stimulus from China
.
”
