The United States and the Eurozone will announce interest rate decisions after China’s Labour Day holidays, and macroeconomic expectations will have a greater impact on copper prices. US GDP data in the first quarter showed that the economy has slowed down but inflation remains high. The April PMI and ADP’s non-farm data in the United States due during the holidays will further guide the direction of copper prices.
Domestic consumption is relatively resilient in the face of sharp price drops, which will give some support for prices.
The most active SHFE copper contract prices are expected to move between 66,000-67,500/mt during April 4-5, and LME copper will trade between $8,400-8,650/mt next week.
In the spot market, at the beginning of May, the sellers will raise their quotes. Downstream buyers will restock inventories after the Labour Day holidays. Spot premiums are expected to move between 30-70 yuan/mt during April 4-5.