The copper market is boosted by macro benefits in the short term and remains weak in the medium term

1.
First Quantum's copper production and sales in 2018 hit records, while gold production and sales declined
.
The company's total copper output in 2018 was 605 853 tons, and in 2017 it was 573 963 tons, a year-on-year increase of 6%.

Copper sales in 2018 were 596 513 tons, and in 2017 580 130 tons, a year-on-year increase of 3%.

Total gold production fell from 199 736 ounces in 2017 to 185 414 ounces in 2018, and gold sales also fell from 201 376 ounces in 2017 to 193 072 ounces
in 2018.

Orion Minerals discovered a new zinc-copper mine in the Northern Cape with a resource valuation of more than 30 million tons
.
Orion Mining announced Wednesday that it has discovered a new zinc-copper resource
near the Prieska project in the Northern Cape.
The company said in the announcement that it has upgraded the valuation of Prieska's zinc-copper resource to more than 30 million tons
.
Orion's feasibility study is progressing well and is expected to be completed
in the second quarter of 2019.

3.
Kazakhstan's copper production increased by 2.
8% in 2018, while zinc and steel declined
.
According to foreign media reports, Kazakhstan's refined copper production in 2018 increased by 2.
8% year-on-year, refined zinc production decreased by 0.
7% year-on-year, and crude steel production fell by 14.
7%
year-on-year.
London-listed copper miners KAZ Minerals and Glencore's Kazzinc account for a large portion
of Kazakhstan's metal production.

Inventory changes: LME stocks were 134,900 tons (-0.
05), stocks in the previous period were 98,000 tons (-1.
09), and Shanghai Free Trade Zone was 468,000 tons (0.
5).

Technical analysis: Shanghai copper continued to be warm yesterday, and the main contract closed at 47660
in overnight trading.
From the perspective of the plate, the average bearish arrangement has not been broken, but the price has risen back above the 5-day moving average, MACD turned red slightly, the price moved up close to the Bollinger mid-band, intraday trading volume decreased, and the market warmed
slightly.

Recently, the macro level has boosted the nonferrous metal as a whole, and copper prices have been affected
, showing a warm overall shock.
However, the fundamental weakness of copper has not changed, and the weakening of consumption around the Spring Festival has made the price lack of upward fundamental momentum, and in the short term, there is no rigid shortage
of supply under the expectation of abundant copper concentrate and the release of smelting capacity.
The macro positive can only mention the short-term boost, and the medium-term weakness of copper will not change
.