The price of copper today remained unchanged at 780.50 as the month of March factory development in China slowed. The figures exceeded forecasts, but they also brought to light concerns regarding the durability of China’s post-COVID production recovery.
Meanwhile, Chinese Yangshan copper import prices have decreased from $50 in mid-March to $35.50 perton, indicating a lackluster market for the foreign metal.
Although stocks in the the London Metal Exchange and COMEX exchanges are low by historical measures, copper stocks in warehouses tracked by the Shanghai Futures The exchange decreased once more in the week to Friday.
According to the nations INE statistics agency, copper production in Chile. The biggest producer in the world, decreased 3.7% year over year to 384.462 tonnes in February.
According to two individuals with knowledge of the situation. The leading copper smelters in China have settled on an indicative price of treatment and refinery charges (TC/RCs) for processing copper concentrate at ninety dollars per tonne and nine cents per pound in the second quarter of 2023.
The new prices are less expensive than the projected charges for the first quarter of this year. Which were established at ninety-three per tonnes and 9.3 cents per pound. Industrial metals will continue to be comparatively resistant to any minor macroeconomic headwinds owns by improving Chinese demand, depleted global inventory, and limited supply.
Currently, copper is receiving support at 774.50. And a move below that level could result in a test of 769.50 levels. Resistance is now expected to be seen at 783.40. And a move above could result in prices testing 787.00.