Shanghai copper rushed back down consumption has not improved significantly

In terms of the market, in the week of April 9, domestic spot copper prices fluctuated
at a high level.
The average price of Yangtze River nonferrous metal network 1# copper was 66812.
5 yuan / ton, up 302.
5 yuan / ton per day, and up 1.
85% on the weekly line; The average price of the previous week was 65766 yuan / ton, up 1046.
5 yuan / ton from the previous month, up 1.
59%
from the previous month.

On the news front, there was another disruption in copper supply this week, with Chile, the world's largest copper producer, announcing a one-month border closure given the resurgence of the epidemic, although Codelco, the world's largest copper miner, said a new lockdown would not disrupt copper supply
.
Chile's copper production has been slightly lower than the same period last year in the past few months, and the intensification of the epidemic has put the Chilean copper industry to a severe test
.

Antofagasta sold 10,000 tonnes of copper concentrate at very low processing fees of $10/mt, processing and refining costs continued to decline, and production margins at the smelter were
squeezed.
Long-term decline in quality and lack of investment have affected mine supply, but LME copper stocks have fluctuated, domestic inventories have begun to decline, and downstream consumption has not improved significantly, limiting the upside
of copper prices.

In terms of inventories, Shanghai copper inventories ended their streak this week, falling by 4,060 tons to 193568 tons, down 2.
05%.

London copper stocks continued their upward trend this week, with a cumulative increase of 19,325 metric tons to 163,100 metric tons, a cumulative increase of 13.
44%.

On the macro front, China's CPI turned from a year-on-year decline to an increase in March, PPI growth expanded, prices were generally stable, and the IMF raised China's economic growth forecast
.
Business activity in the eurozone grew more than expected in March, and lockdowns had a less-than-expected
impact on the economy.
Employment in the United States generally increased in March, the labor force participation rate picked up slightly, and economic growth is expected to be stronger
.

China's economic growth is generally optimistic, and many institutions and experts predict that the economic growth rate will exceed 8% this year, and consumption, investment and other things
will continue to improve this year.
Fundamentals, South American copper mines have disturbances, tight supply will continue, concentrate processing refining fees are at a low level, traditional consumption season is coming, domestic inventories may continue to deteriorate, copper prices are expected to be strong next
week.