Market concerns about demand reignited copper prices continue to be volatile

In terms of the market, in the week of March 15, domestic spot copper prices fell sharply this week
.
The average price of Yangtze River nonferrous metal net 1# copper was 49734 yuan / ton, down 32 yuan / ton per day, and down 0.
32% on a weekly basis; The average price of the previous week was 49,950 yuan / ton, down 216 yuan / ton compared with last week, down 0.
43%
from the previous week.

In terms of stocks, Shanghai copper stocks continued to rise, increasing by 28,432 tons to 264601 tons, an increase of 12.
04%, and a cumulative increase of 170.
06%
in the past eight weeks.
Copper stocks unexpectedly increased sharply during the week, with a cumulative increase of 69,700 metric tons to 186425 metric tons, a cumulative increase of 59.
71%.

Domestic aspects:

1.
China's industrial and retail growth fell in the first two months, automobile growth continued to be negative, fixed asset investment accelerated, real estate investment increased by 11.
6%, but the land acquisition area of housing enterprises hit the largest decline in nearly a decade, the Bureau of Statistics said that the decline in industrial growth was reflected in February due to the impact of the entire Spring Festival
.

2.
China's CPI in February was in the "1 era" for three consecutive months, and the month-on-month decline in PPI was still hovering
at a low level.
In February, new RMB credit and social finance fell sharply month-on-month, M0 fell 2.
4% year-on-year, M1 growth stabilized and rebounded, central bank Yi Gang: credit data to look at the first three months together, China has room to reduce the RRR but much
smaller than in previous years.

International aspects:

1.
The US PPI in February was 1.
9% year-on-year, the lowest in 20 months, reversing the downward trend
month-on-month.
Durable goods orders rose for three consecutive months, which means that inflation has risen moderately, which can further support the Fed's determination
to wait and see patiently on the issue of interest rate hikes.

2.
The US non-farm payrolls surprised in February! Only 20,000 new jobs were created, a 17-month low, and hourly earnings grew at the highest
rate in a decade.
This was mainly due to sluggish
employment data in construction and other sectors.
This reading could raise concerns about
a sharp slowdown in economic activity.

Copper Market News:

1.
Peru's Minister of Energy and Mines recently said that the government will likely issue a construction permit to Southern Copper's Tia Maria copper mine project before its environmental protection permit
expires in August.
The $1.
4 billion project is located in Arequipa, in southern Peru, controlled by Southern Copper and held
by Newmont.
The mine is one of the largest undeveloped copper mines in the world, with a ore capacity of 641 million tonnes grading 0.
39%
copper.

Chinese mining giant Minmetals Resources said on Monday that the community of Fuerabamba would block roads for up to a month, making production cuts at the company's Las Bambas copper mine in Peru "in the near term
.
" The company said its inventory at Peru's port of Matarani was sold out and informed customers that shipments could be delayed
.
Minmetals Resources said in a statement that on-site production is continuing, but the problem is still not resolved, and if tensions escalate, it may affect production
in the short term.

Looking ahead, the governor of the Bank of Japan said that China's stimulus is still large and effective, but it is also true that there are risks to the global economic outlook, and the risk of further global economic slowdown in the future is low, and the Chinese and European economies are expected to recover
in the second half of the year.
U.
S.
jobless claims rose to a four-week high last week and beat expectations, suggesting a possible slowdown in the labor market and could also mean more patience
on the Fed's agenda to restart rate hikes.
At present, the tight supply pattern of ore end and refined copper remains unchanged, there is support below copper prices, and the slow pace of seasonal demand recovery, and there is no new drive, copper prices are expected to continue to fluctuate next week
.