The focus is now likely to return to fundamentals, ANZ Research said in a note, adding that sentiment was supported by signs of stronger demand in China early this week. Copper demand in the world's top consumer China has been improving in the wake of seasonal demand pick-up, along with post-pandemic economic recovery. One bright spot for demand growth lies in the new energy sector.
Green-related demand accounted for around 9% of the total demand for Chinese copper in 2022, and this will keep rising to around 30% by 2050, according to Eleni Joannides, copper research director at consultancy Wood Mackenzie.
Meanwhile, China's refined copper production in the first two months of 2023 rose 10.6% to 1.95 million tonnes year-on-year, data from the National Bureau of Statistics showed.
Globally, the world's refined copper market had a 103,000 tonne surplus in January, compared with a 10,000 tonne surplus the previous month, the International Copper Study Group said in its latest monthly bulletin. LME zinc slid 0.2% to $2,859 a tonne, tin was down 0.7% to $23,240, while lead gained 0.6% to $2,128.50, aluminium climbed 0.6% to $2,301. SHFE aluminium added 0.5% to 18,235 yuan a tonne, tin advanced 0.5% to 187,700 yuan, lead climbed 0.2% to 15,360 yuan, while zinc shed 1.1% to 22,035 yuan and nickel slipped 0.9% to 173,060 yuan.
For the top stories in metals and other news, click or ($1 = 6.8235 Chinese yuan renminbi) (Reporting by Siyi Liu and Dominique Patton; Editing by Varun H K, Sohini Goswami and Eileen Soreng)
LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES ))
