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The rise in copper prices this week was driven by Chinese equities, which provided momentum to the market by an unexpected 50 basis point RRR cut by the People's Bank of China at the end of last week, and although PMI data performed extremely poorly this week, the market supported the market in anticipation of a change in Chinese policy at the time of the two sessions in China
.
U.
S.
data was poor this week, and the market focused on the Labor Department's employment data
on Friday.
Overall, the global economy is still not good, but the policies of various countries are actively bailing out, which makes the market panic temporarily disappear.
In terms of market, positive information, Chile's copper production in January fell 13.
8% year-on-year, copper prices fell significantly miners cut spending, and Chilean copper production is expected to remain stable
in 2016.
Zambia's copper production will also remain at 700,000 tonnes
.
Freeport said it would cut production further or close more production projects
if copper prices weakened or remained at current levels.
Poland's KGHM copper wrote down more than expected and said it was changing the Victoria mine construction project
.
In bad news, Peru is still the main growth point for copper mines, with production increasing by 40.
6%
year-on-year in the first quarter.
In addition, Codelco said it would reduce costs and avoid production
cuts.
The driving force for the rebound in copper prices lies in the production reduction of producers and the storage of national reserves, but as copper prices return to around 38,000 yuan, mines that have stopped production and reduced production in the early stage in China have begun to make profits, and the motivation of foreign mines to reduce production will also be affected
.
Considering that the demand for value preservation of domestic smelters is increasing, and consumption has not really started, the momentum of copper prices is being tested
.
Short-term copper prices tend to have the possibility of a rush higher, but the space above is already limited
.
