On April 15th, China announced a series of positive economic data from 1Q, but raised market concerns over economy overheating, weighing down base metal prices. In addition, the existing high inventories will continue to curb the extent of gains.
Copper: The General Administration of Customs released new regulations on management of major imported solid wastes. The new policy will negatively affect enthusiasm for importing scrap . (Page 7)
Aluminum: LME aluminum prices have made strong gains over the past three weeks, but SHFE aluminum prices rose slower due to weak market fundamentals and depressed market confidence. SHFE prices will remain weak in the short term. (Page 8)
Zinc: LME zinc prices breakthrough USD 2,500/mt, posting a cumulative growth of nearly 6% last week. (Page 9)
Lead: Last week, LME lead prices were high and found support at USD 2,300/mt, even touching previous highs of USD 2,370/mt. However, high inventories are depressing upward momentum. Trading sentiment in domestic lead markets was quiet, trading between RMB 15,700-15,850/mt. (Page 11)
Nickel: Jinchuan Group raised nickel prices, but transactions between end-users remained soft. (Page 14)