Quotations on the supply side of raw materials continue to decline, with domestic companies reflecting that copper mines are not out of stock, but are likely to fall below 70 in anticipation of tighter supply. At present, the in stock TC has even been lower than the annual long single floor price, smelter profits seriously damaged. The BossMining will stop production this month due to the depletion of oxidized ore. At present, the inventory change of the smelter is small, indicating that the refinery is currently maintaining a tight balance of production and sales, and the copper produced overtime during the Spring Festival is still in stock. Downstream because of the strong wait-and-see mood all want to wait for the callback after the purchase.

On the in stock side, as the situation of in stock high premium quotation caused by the reduction of value-added tax in March has just ended, the market quotation is expected to return to normal in April. Due to the lack of inquiry guidelines at the beginning of the week, the market quotation will follow the price difference on the disk. Moreover, due to the lack of financial constraints at the beginning of the month, the high quotation is expected to be firm for a period of time. In addition, the high premium quotation caused by the tax reduction in March has suppressed the market's buying sentiment. After the quotation returns to normal in April, the demand for downstream production will drive the market to actively replenish goods. Focusing on next week's face spreads will guide in stock quotes. It is expected that the in stock discount will be 30-150 yuan/tonne next week.

Copper prices rebounded at the bottom, downstream demand is still slow to recover but market demand is expected to continue to improve. Domestic inventory has reached a high point this year, with the arrival of the peak demand season will gradually carry out the inventory period. However, due to the large number of domestic exports of copper in the early period, the delivery of these copper may make LME inventories soared, copper prices in the near future there is also some uncertainty. It is estimated that the operating range of Lun copper is 6200-6400 USD/ton, and Shanghai copper is 48500-49800 yuan/ton. Short-term macro-news and market expectations face a considerable impact on copper prices, and focus on domestic infrastructure investment.