Improving Domestic Consumption to Keep Copper Prices at Highs

SHANGHAI, Mar 30 (SMM) - On the macro front, the US dollar rose against most major currencies, reversing recent losses, particularly sharply higher against the Japanese yen. In addition, the market's preference for safe-haven assets is still high, mainly because concerns about banking industry risks have not been completely eliminated.

In terms of fundamentals, copper prices rose yesterday, and trades in the spot market were dominated by traders, while downstream buyers restocked only as needed. Since the month is coming o an end, sellers focus on delivery of long-term orders. Downstream companies took a wait-and-see stance amid high copper prices. Growing market expectations for the recovery of domestic consumption lifted copper prices. However, the rise in the US index capped the gains of copper prices to a certain extent. Copper prices are expected to remain high under the support of improving domestic consumption.