Copper was weak in London on Friday, pulling back from the upward trend

On the Shanghai Futures Exchange, copper, the most actively traded March, rose 590 yuan, or 0.
82 percent, to 72,560 yuan a tonne, trailing a 1.
8 percent rise overnight
.
The session hit a nearly four-month high
.

Positive bank lending data from China helped boost sentiment
.
New bank lending in China more than tripled month-on-month in January, beating market expectations and hitting a record high, reflecting the central bank's efforts to support China's economic growth
.
Copper is often used as an indicator of the health of the global economy and is widely used in manufacturing and construction
.
China accounts for about half of
global copper consumption.

The current LME copper inventory is 77,300 tons, and the copper inventory is 14,000 tons during the Spring Festival, copper stocks are at a historical low level, at the same time, there are more fundamental indicators showing that supply and demand in Europe are tight, of which the proportion of written off warehouse receipts increased to more than 30%, the premium rose from around $10 / ton to $44 / ton, the proportion of inventory dematerialization and write-off warehouse receipts is high, the market is worried about the squeeze driven by the shortage of supply, driving copper prices up sharply
。