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LME stocks fell 1,575 tonnes to 164,850 tonnes on Thursday, with three-month LME copper closing down 0.
76 percent at $5,737.
5 a tonne and the main Shanghai copper contract closing up 0.
09 percent at 46,540 yuan
.
The US dollar has continued to strengthen, and the pressure of RMB depreciation has been prominent, dragging down copper prices
that have not yet been supported by consumption.
On the macro front, China added 3.
34 trillion yuan in new RMB loans in January, compared with 1.
14 trillion yuan in the previous month and 3 trillion yuan
expected.
China's money supply M2 rose 8.
4% y/y in January vs 8.
6% expected and 8.
7%
prior.
China's new social financing in January was 5.
07 trillion yuan, compared with an expectation of 4.
2 trillion yuan, compared with 2.
103 billion yuan
in the previous month.
Monetary data shows the characteristics of volume appreciation and price decline, in line with monetary easing expectations
.
In terms of industry, February 19, the monthly report released by the World Bureau of Metal Statistics (WBMS) on Wednesday showed that the global copper market was short of 94,000 tons in 2019 and 275,000 tons in 2018
.
News of the coronavirus outbreak in Japan and South Korea has worried about the spread of the epidemic, with 127 countries now taking measures to restrict passengers and cargo to China, and it is estimated that international trade will remain under pressure in the short term, and the copper market continues to fluctuate in a narrow range, but the center of gravity has begun to shift
downward.
Although the resumption of work in China has accelerated and transportation has begun to recover, it will still take time
for operating rates to return to normal.
According to the latest survey, about 42% of copper downstream enterprises have returned to 60%-90% of normal production levels, and about 27% of enterprises have returned to 30%-60%
of normal production levels.
Last week, the refined copper warehouse soared by 80,000 tons, and this week, with the lifting of the traffic ban, the factory inventory will continue to turn clear, the peak of the social warehouse may not appear until March, and the high inventory pressure will continue
in the first quarter.
The copper market is oversupplied, the domestic spot discount has increased, and the downstream market is back on track, which needs to wait until the second quarter
.
Short-term copper prices have limited upward space, maintaining a volatile trend
.
