China’s restart of business activity, easier monetary conditions, and fiscal stimuli will help industrial metal prices find a floor soon, according to economists at ANZ Research. 

Key quotes

“China’s response to the epidemic reduced downstream demand for copper, but inventory build-ups were lower than last year.” 

“Domestic copper production fell as smelters lowered refining rates, causing inventories of sulphuric acid to rise. We see copper’s downside protected at USD5,300/mt.”

“With resumption in industrial activities added to the stimulus, should boost demand in H2.”