Cum Clave analysis N.19 preview.
China resumes manufacturing activity and international funds seem convinced of this operation. There has been a reduction in speculative short positions on both the CME and the LME, but each purchase remains fictitious. False recovery. The recent rebound in copper prices alone would have forced a significant amount of coverage. Lack of enthusiasm and long bottom positions have lost momentum, many clouds on the horizon.
• Chile’s main copper mines increased production in March.
• Production of Codelco, the world’s largest copper mining company, grew 14.8% year-on-year in March, reaching 147,600 tons. The collapse in the global copper price, however, reduced the value of this production, putting pressure on some small and medium-sized miners. The week could still be positive, finding alternatives and new drivers in the market.
We have already mentioned in this report what it could be, a good excuse to restart the metal, always hoping that the market will notice it in time, or perhaps it has already done so. Weekly target in the….
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