Shanghai copper trend is strong and is expected to run at a short-term high

Last week, London copper fluctuated to the upside, briefly breaking through the $10,000 mark, refreshing a decade high
.
The average price of LME copper in the first four trading days was 9843.
75 US dollars / ton, up 77.
25 US dollars / ton per day; Last week's average price was 9400.
8 US dollars / ton, up 4.
71%
from the previous month.

In terms of the market, in the week of April 30, domestic spot copper prices fluctuated at a high level, hitting a ten-year high during the week
.
The average price of Yangtze River nonferrous metal network 1# copper was 71466 yuan / ton, up 510 yuan / ton per day, and up 3.
68% on a weekly basis; The average price of the previous week was 68750 yuan / ton, up 2716 yuan / ton compared with last week, up 3.
95%
from the previous week.

In terms of stocks, Shanghai copper stocks continued to decline last week, falling by 2,567 tons, or 1.
27%, to 199,870 tons
.
London copper stocks continued to decline last week, with a cumulative decrease of 12,025 metric tons to 143725 metric tons, a cumulative decrease of 7.
72%.

The international community is full of confidence in China's economic development prospects, the industrial economy continues to recover, and the manufacturing industry continues to maintain an expansion trend
.
The initial manufacturing value in Europe and the United States in April was positive, the European economic confidence has steadily improved, some progress has been made in vaccines, and the economic recovery is in full swing; U.
S.
real gross domestic product grew at an annual rate of 6.
4% in the first quarter, consumption and business investment rose sharply, while the Federal Reserve kept interest rates and bond purchases unchanged, and the dollar index was weak
.

China's manufacturing activity continues to expand, although the expansion of both production and demand has slowed down, and overseas demand is relatively stable
.
Consultancy Wood Mackenzie expects a supply gap of 4.
5 million tonnes for greenfield projects by 2030/2031 and decarbonisation-related copper demand to 5.
2 million tonnes by 2030, with copper mines needing to start investing in new capacity now to meet future demand growth
.
Goldman Sachs reported that global copper demand will record the strongest growth in history in the 2020s, and copper prices are expected to rise to $15,000/mt
in 2025.
At present, the supply of the mine end is tight, processing fees are still at a low level, consumption may recover after the holiday, and copper prices are expected to run
at a high level in the short term.