The copper price is expected to be dragged down by the demand side, so it is difficult to see a V-shaped reversal. On the ore side, the copper concentrate import reserve in the first quarter basically met the production needs of the refinery. After entering the second quarter, supply tension is expected to increase day by day.
With the suspension of operations of Antamina copper mine in Peru jointly owned by Glencore, BHP Billiton and Teck resources, Minmetals Resources Co., Ltd. announced that it would withdraw the production guidelines of Las bambas copper mine in Peru in 2020. Peru stipulated that the ships ordered after March 15 could not reach the port, and extended the domestic emergency until April 26. It is expected that almost the whole April shipment will be affected, and the import volume of copper concentrate in China May June may have a significant decline.
It is expected that the supply side will continue to support copper price due to the disturbance of the epidemic situation, and the probability of copper price double bottom is small.