Chinese copper import grows
Customs data showed China’s refined copper imports in March rose 13% from a year ago to just under 442,000 tonnes, as factories restarted following covid-19 restrictions.
China consumes more than half the world’s copper and last year cargoes totaled just shy of 5 million tonnes, down 6% from a record high of 5.3 million tonnes in 2018.
March imports of copper concentrate were the lowest since September at 1.78 million tonnes, but still up from the same month in 2019. For the first quarter, 2020 imports totaled 5.55 million tonnes, flat year on year.
Imports of concentrate in 2019 rose 11.6% to 22 million tonnes, the second annual record in a row after years of expanding smelter capacity turned the country into the largest producer in the world.

On the technical side
Good starting signal for the copper that for the fourth consecutive week advances upward from the support in area $ 4400 (2016 lows) to $ 5200 (14/04/2020 15:45 GMT+1), recording a +18% for the fourth consecutive week. Today’s opening (Tuesday 14 April) in gap up shows the metal’s emphasis on continuing to rise.

As already reported in the article published on March 30 (read here – where the first target in the $5000 area has already been reached) the upward action of copper will be able to continue in the short term at least until the second target set in the area $5400 (moving average at 50 days) and $5450 (previous lows of March 2017 – September 2019 – January 2020 and February 2020).

This second price level is of fundamental importance because its potential break up could help extend the current rebound towards subsequent resistances in the $6000 and $6200 area.

COPPER 3 MONTH $ DAILY

 

ATTENTION LEVELS

Level

Dollar ton

Euro ton

Selling Area 2 5450 4850
Selling Area 1 5350 4750

Current price

5200

4670

Buying Area 1 5100  4570
Buying Area 2 5000 4500