The news is positive, and optimistic expectations support the rebound in copper prices

Abroad, the US March PMI data continued to decline, investors worried that the United States may fall into recession, the euro area manufacturing PMI in March also fell sharply, intensifying the market's concerns about the global economic slowdown, and then the largest copper mine in Peru suffered force majeure, production was affected, copper mine supply was tight to provide support, long and short intertwined, copper price volatility
.

In terms of the market, in the week of March 29, domestic spot copper prices first fell and then rose
.
The average price of Yangtze River nonferrous metal network 1# copper was 49380 yuan / ton, down 44 yuan / ton per day, and down 0.
44% on a weekly basis; The average price of the previous week was 50,066 yuan / ton, down 686 yuan / ton compared with last week, down 1.
37%
from the previous week.

In terms of inventories, copper inventories continued their downward trend during the week, with a cumulative decrease of 6,800 metric tons to 168525 metric tons, a cumulative decrease of 3.
88%.

Shanghai copper inventories rose slightly during the week, increasing by 2,240 tons, or 0.
86%, to 261412 tons
.

Copper Market News:

1.
Senior Peruvian government officials have set out to resolve peacefully disputes over indigenous communities blocking traffic from copper
mines.
Days of strife have led to the suspension of
shipments from Las Bambas, Peru's largest copper mine.
Las Bambas copper production accounts for about 2% of the world's
total production.
Minmetals Resources said on Tuesday it could declare force majeure on copper sales contracts
.

According to a report by Codelco, a state-owned Chilean copper miner, the world's largest copper producer expects production at its El Teniente copper mine to increase to more than 500,000 tons per year
by 2025.
Increased production will make the mine one of the world's
largest resources.
The mine produced 465,000 tonnes of copper
in 2018.

Outlook: There is a glimmer of light in the European economy, and the German business climate index has rebounded
for the first time in seven months.
ECB President Mario Draghi said the European economy remained relatively resilient and policy would continue to be accommodative
.
Macro risks such as the slowdown in global economic growth, Brexit, and the international trade situation still exist, the number of new projects in fundamental copper mines has decreased, the interference rate in producing mines has increased, and the tight supply pattern of overseas copper concentrate has not changed
.

In March, China's average daily power generation and electricity consumption growth rate reached double digits, the growth of import and export, freight and other growth accelerated, and China's economic operation may show positive changes
.
At present, the downstream is about to usher in the traditional consumption season, smelter maintenance affects the output is higher than the same period last year, and the imported copper concentrate spot TC continues to decline, indicating that the supply of copper concentrate is tighter than expected, the basic copper price is still supported, and it is expected that next week's copper price will fluctuate
upward.