Copper prices gradually recovered after a sharp fall Market trading was significantly worse than the previous day

In the external market, during the Asian session, London copper fluctuated upward, and the latest quotation at 15:00 Beijing time was 5153 US dollars / ton, up 44.
5 US dollars, or 0.
87%.

In the spot market, trading is significantly worse than yesterday, downstream purchases are reduced, and traders have limited
speculative space.
Domestic scrap copper consumption is declining, refined copper demand is not pessimistic, mining area disturbances are still continuing, and there is support
below copper prices.
Today's domestic spot copper prices rose, Yangtze River non-ferrous metal network 1# copper price was reported at 42020 yuan / ton, up 900 yuan, premium 170-liter 230; Guangdong spot 1# copper price was reported at 42090 yuan / ton, up 950 yuan; Yangtze River spot 1# copper price 42060 yuan / ton, up 930 yuan, premium 220-liter 240; Shanghai spot 1# copper price was 41975 yuan / ton, up 945 yuan
.

Industry News:

1.
While the state of emergency related to the COVID19 outbreak in Peru is expected to be lifted after Sunday, April 26, miners are cautious about increasing production across the board
.
A producer told Fastmarkets that small and medium-sized miners in Peru are unlikely to immediately raise pre-quarantine levels, as restrictions on the movement of people and logistical disruptions are expected to continue
even after the closure ends.
A spokesman for Peruvian mining company Buenaventura said the company had to restrict its lead-zinc-copper business
due to government shutdowns.
The government shutdown caused "the paralysis of our production sector", adding that the force majeure event of March 30 "will continue to affect the deliveries stipulated in our current sales contract"
.

2.
Chilean miner Antofagasta Mining Company said that due to the impact of the new crown pneumonia epidemic, the company lowered its 2020 capital expenditure plan and lowered its copper production target
.
The company said it expects copper production to be at the low end
of its 72.
5-755,000 tonnes forecast range this year.
The company said in a statement that copper production, costs and capital expenditures in 2020 will largely depend on the health emergency in
the coming months.
Capital expenditures for 2020 are now expected at $1.
3 billion, down from the initial plan of $1.
5 billion, the
company said.
The company announced this month that its Los Pelabres Expansion project would be halted for about four months, and only two-thirds of employees at its Chilean mine are currently employed
.

3.
South Africa has allowed mining companies to resume operations at 50% of normal capacity as a first step
for the government to ease the nationwide coronavirus lockdown.
All mining operations must adhere to strict hygiene protocols, including coronavirus screening and testing
of workers.
South Africa's mining industry could be fully operational
next month.