Copper Prices Firm as Chinese Manufacturing Returns to Full Scale

The China Restart

Stockpiles in Shanghai-bonded warehouses remained low during the break, meaning any increase in industrial activity will translate directly into prompt physical demand. Traders are watching for confirmation of a new 'New Infrastructure' stimulus package from Beijing.

Supply Side Constraints

Operational hurdles at major mines in the DRC and Zambia are beginning to impact concentrate shipments. This supply-side friction is tightening the refined market earlier in the year than analysts had predicted.