bigslotwins| Weak demand for copper and zinc: the high level of social assets continued in April, and the slowdown in infrastructure investment affected the terminal market

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[copper and zinc production fell in April, demand sluggish, inventory increased] April this yearBigslotwinsThe trend of supply and demand in the non-ferrous metals industry shows the phenomenon of strong supply and weak demand. Although the output of some smelters has decreased due to the peak maintenance period,BigslotwinsThe high yield of his smelting enterprises, the overall output of copper and zinc is still sufficient. However, the continuous rise of copper and zinc prices suppresses the market demand, and the willingness to buy downstream is not strong. In the terminal industry, the progress of infrastructure investment is slow, and the amount of new special bonds issued in the first quarter of 2024 is about 722.7 billion yuan lower than that of the same period last year. The real estate market also did not improve significantly, the business activity index was low, and demand for copper and zinc remained weak. In terms of inventory, affected by supply and demand and the market share of recycled enterprises, the declining inflection point of social inventory of electrolytic copper and zinc ingots was significantly delayed compared with the same period last year. According to Mysteel data, as of April 18, the stock of copper and zinc was 40.Bigslotwins.520000 tons and 20Bigslotwins. 980000 tons. In late April, copper prices briefly retracted, and downstream stocks were picked up at every bargain. Import losses greatly affected the inflow of copper and zinc imports, resulting in a decline in the inventory of electrolytic copper and zinc ingots at the end of the month. As of April 29, inventories were 388400 tons and 195000 tons, respectively, up slightly from the end of March. However, the scale of replenishment in the lower reaches before the May Day holiday did not meet expectations, especially with copper prices still high and zinc prices relatively strong. As a result, copper and zinc stocks are expected to continue to rise after the May Day holiday. [Mysteel]

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