1、 Price trend:

On April 25, crude benzene commodity index was 35.23, unchanged from yesterday, 73.28% lower than 131.84 (2013-01-28), the highest point in the cycle, and 15.36% higher than 30.54, the lowest point on April 8, 2020. (Note: cycle refers to 2011-09-01 to now).

2、 Market analysis:

Domestic market: the domestic pure benzene market and the external market are lower this week. WTI crude oil futures in May fell 55.90 US dollars to – 37.63 US dollars / barrel on the 20th of this week. The start-up of hydrogenated benzene enterprises is still at a low level this week. The cost pressure of hydrogenated benzene enterprises is large. The bidding price of crude benzene enterprises this week is adjusted. As of Friday, the quotation in Shandong region is around 2050 yuan / ton, about 800 yuan / ton lower than last week.

Industry chain: in terms of crude oil, the business community believes that the oil price will still fluctuate in a wide range at a low level in the near future. Although there are some favorable releases at the supply side in the short term, considering the continuous impact of the epidemic, the problem at the demand side is the most critical factor restricting the oil price at present. Even though trump said that the economy of the United States will restart in May, the effect may be greatly reduced in terms of the current situation of the epidemic in the United States. In particular, the global crude oil inventory has risen sharply, and the pressure on storage capacity will only become more and more serious. The growth of commercial crude oil inventory excluding strategic reserves in the United States is much larger than expected. It is also predicted that the global oil storage space may be exhausted in the next few weeks, and the operating rate of refineries may fall again, which will also force oil producing countries to further reduce production, and crude oil may be in epidemic in the future To seek rebalancing under the condition of low demand caused by emotion.

Industry: according to the price monitoring of the business association, in the 16th week of 2020 (4.20-4.24), there are 14 kinds of commodities rising month by month in the list of commodity prices in the chemical industry sector, among which there are 2 kinds of commodities rising by more than 5%, accounting for 2.2% of the number of commodities monitored in the sector; the top three commodities are acetone (10.26%), acetic acid (8.14%) and ethanol (3.33%). There are 45 kinds of commodities falling on a month on month basis, with 13 kinds of commodities falling by more than 5%, accounting for 14.6% of the number of commodities monitored in the sector; the top three products falling are hydrochloric acid (- 29.76%), crude benzene (- 17.03%), n-butanol (industrial grade) (- 12.35%). This week’s average was – 1.76%.

Three, trend forecast:

Next week is the last trading week before the May Day holiday. Near the small and long holiday, some manufacturers should have certain purchase plans. It is expected that crude benzene prices will rise slightly.

1、 Price trend:

On April 19, crude benzene commodity index was 42.46, flat with that of yesterday, down 67.79% from 131.84 (2013-01-28), the highest point in the cycle, and up 39.03% from 30.54, the lowest point on April 8, 2020. (Note: cycle refers to 2011-09-01 to now).

2、 Market analysis:

Domestic market: Sinopec’s pure benzene rose 150 yuan / ton on Tuesday this week, driven by pure benzene, the bidding price of crude benzene rose this week, up to 2950 yuan / ton in Shandong as of Friday. In Shandong Province, the price has been raised due to the shortage of goods, but the downstream hydrogenated benzene enterprises have been intensively overhauled in the near future, with a low operating rate of about 40%, and little support for crude benzene demand.

Industrial chain: crude oil: OPEC + oil producing countries finally reached the largest production reduction agreement in history, but the strength was not as expected by the market, unable to offset the impact of public health events on demand collapse. This week investors returned to reason after a brief “euphoria” over the agreement to cut production and crude oil fell back. Brent fell $3.59, or 15.13%, this week from April 9, while WTI fell $3.79, or 13.15%. Compared with December 31, 2019, Brent decreased by 69.83% and WTI by 58.81%. Pure benzene: after last week’s bottom reading, the market speculation began to slow down this week. On Tuesday, Sinopec’s listing price of pure benzene was increased by 150 yuan / ton to 3050 yuan / ton. East China’s port inventory continued to accumulate. This week, the downstream factories in the north were active in purchasing, the spot supply in the market was insufficient and the price was high. The East China Shandong arbitrage window opened to support the pure benzene market. Downstream products: this week, the market price of styrene fell, and the rising sentiment in the market dissipated. Most domestic enterprises reduced prices and promoted sales to maintain stable shipment. On Friday, Shandong’s price was 5150 yuan / ton, down 0.64% from last week.

Industry: according to the price monitoring of the business agency, in the 15th week of 2020 (4.13-4.17), there are 38 kinds of commodities rising month by month in the list of commodity prices in the chemical industry sector, among which 14 kinds of commodities rising by more than 5%, accounting for 15.7% of the number of commodities monitored in the sector; the top three commodities are acrylic acid (25.40%), maleic anhydride (19.02%) and crude benzene (15.55%). There are 21 kinds of commodities falling on a month on month basis, with 8 kinds of commodities falling by more than 5%, accounting for 9% of the number of commodities monitored in the sector; the top three products falling are propylene (- 34.79%), propylene oxide (- 13.77%) and propane (- 11.46%). This week’s average was up or down 1.02%.

3、 Trend Forecast:

It is estimated that the world crude oil consumption will shrink by about 20 million barrels / day in 2020. If demand collapses, without strong intervention from the supply side, it will be difficult for oil prices to strengthen. Moreover, the short-term agreement on production reduction cannot offset the negative impact of the sharp contraction of demand, and the oil market cannot get rid of the dilemma of excess supply and demand. In addition, crude oil consumption enters into the off-season from April to may, and seasonal factors will aggravate the imbalance between supply and demand in the oil market, thus making the oil price face the risk of downward focus. In terms of pure benzene, East China’s supply enters Shandong, or its price is restrained. The downstream demand is mainly rigid, and it is expected that the price support of crude benzene in the future is limited.

1、 Price trend

According to the price monitoring of the business agency, the ex factory price of calcium carbide in Northwest China fell this week. This week, the average ex factory price of mainstream carbide manufacturers fell from 2513.33 yuan / ton at the beginning of the week to 2350.00 yuan / ton at the end of the week, down 6.50%, down 25.46% compared with the same period last year. Overall, carbide fell this week, with the carbide commodity index at 61.57 on April 17.

2、 Trend analysis

（1） Products:

The ex factory price of calcium carbide in Northwest China fell this week: oveganeng’s offer of calcium carbide this weekend was 2400 yuan / ton, down 170 yuan / ton compared with the beginning of the week; Shaanxi coal industry’s offer of calcium carbide this week was 2400 yuan / ton, temporarily stable compared with the beginning of the week; China United Inner Mongolia’s offer of calcium carbide this weekend was 2350 yuan / ton, down 220 yuan / ton compared with the beginning of the week; Xingping Ningxia’s offer of calcium carbide this week was 23 yuan / ton 00 yuan / ton, compared with the beginning of the week, the quotation dropped 100 yuan / ton.

At the end of this week, the actual transaction price of calcium carbide in Northwest China is about 2300-2400 yuan / ton: the mainstream transaction price of calcium carbide in Shaanxi is about 2400 yuan / ton; the mainstream transaction price of calcium carbide in Ningxia is about 2300 yuan / ton; the mainstream transaction price of calcium carbide in Inner Mongolia is about 2350 yuan / ton, and the actual transaction price is mainly negotiated.

（2） Industrial chain:

Upstream raw material Market: the ex factory quotation of Lancan carbon fell this week. Overall, the drop was about 50 yuan / ton. At present, the quotation of small materials is 560 yuan / ton, that of medium materials is 580 yuan / ton, and that of large materials is 650 yuan / ton. The price of upstream raw materials fell and the cost support was insufficient, which had a negative impact on the price of calcium carbide.

Downstream market: PVC factory price slightly increased this week. PVC price decreased from 5675.00 yuan / ton at the beginning of the week to 5657.50 yuan / ton at the end of the week, a decrease of 0.31%, 16.06% compared with the same period last year. PVC prices fell this week, the market tends to be low, and the purchasing enthusiasm for calcium carbide is also low. Overall, PVC market this week has a negative impact on calcium carbide prices.

3、 Future forecast

In late April, the market of calcium carbide fluctuated slightly. The price of raw materials in the upstream is low, the cost support is not enough, the price of PVC in the downstream is low, and the procurement enthusiasm of customers in the downstream is low. In the late April, the price of calcium carbide in Northwest China is expected to drop slightly.

1、 Price trend

According to data monitoring of business agency, the average price of LNG on April 16 was 3226.67 yuan / ton, down 1.63% compared with the average price of 3280 yuan / ton at the beginning of the month (1 day), and down 9.53% compared with the same period last year. On April 16, the LNG commodity index was 79.53, down 0.66 points from yesterday, down 61.94% from 208.96 (2017-12-25), the highest point in the cycle, and up 15.51% from 68.85, the lowest point on October 7, 2019. (Note: cycle refers to 2012-09-01 to now)

2、 Analysis of influencing factors

The figure above shows the price trend of Shaanxi and some parts of Inner Mongolia, showing the up and down market. LNG prices fell continuously before the festival to the lowest point of 3146.67 yuan / ton, with a decline rate of 4.06%. After the festival, the mode of continuous rise was started, reaching the highest point of 3280 yuan / ton on the 13th, and began to decline after the 15th, forming an overall “n” trend. After the festival, the rising trend did not continue. In just a few days, the market returned to calm again. It can be said that the market came and went in a hurry.

According to the data monitoring of business agency, as of April 16, the LNG price of Inner Mongolia Erdos Xingxing Energy Co., Ltd. is 3250 yuan / ton, Inner Mongolia etokeqian banner Shitai Natural Gas Co., Ltd. is 3180 yuan / ton, Xinjiang Guanghui naomao Lake (east of Lanzhou) is about 2850 yuan / ton, Shanxi Qinshui Xinao LNG price is 3300 yuan / ton, Shaanxi Zhongyuan green energy natural gas Co., Ltd LNG price of Ren company is 3250 yuan / ton, that of Dazhou Huixin Energy Co., Ltd. is 3400 yuan / ton, and that of Xinjiang Qinghua is 3600 yuan / ton.

In April, heating in the northern region began to end one after another. As the heating demand in the lower reaches of natural gas decreased gradually, the LNG market in China gradually entered the off-season. In addition, the intake gas continuously gave way to profits, which impacted the domestic LNG market. The delivery pressure of liquid plants was high, the inventory was high, and the pressure of LNG was low. During the Qingming holiday, due to the restriction of Expressway on dangerous chemical vehicles, many places failed to deliver goods, and the inventory was high. In some areas, the quotation was lowered and the goods were shipped. However, the demand for LNG filling station increased, which led to the price rising in some areas. After the holiday, the terminal began to replenish goods mainly from the filling station. At the same time, in April, the state vigorously promoted the resumption of production of enterprises, which led to a certain increase in industrial gas consumption In addition, after the price reduction and promotion before the festival, the delivery situation in Shaanxi, Inner Mongolia and other places improved, inventory decreased, the willingness of liquid plants to continue to decline weakened, and the price began to rise. At present, some factories will enter the maintenance season, the market supply may be slightly reduced, and manufacturers are willing to increase prices. In addition, due to the low LNG price before the festival, the downstream market is active, and the overall transaction atmosphere of the market is good. The delivery of liquid plants is smooth, the liquid level is generally not high, and the price is gradually rising. However, due to the impact of the drop in the spot price of imported LNG and the impact on the domestic LNG market, there is a lack of practical support for the liquid price, which has been under pressure. At present, the industry has entered the off-season, with sufficient market supply and insufficient demand follow-up, it is difficult for domestic LNG market to have a large increase.

Recently, crude oil price war fluctuated violently. Crude oil futures in New York fell to $19.2/barrel on the 15th, but the continuous decline of crude oil temporarily has limited impact on the natural gas industry. At present, the decline of domestic LNG price is mainly due to low demand and high inventory in the industry during the off-season. However, the continuous decline of international oil price has a certain impact on the long-term price of LNG import. The long-term price is linked to the international oil price in the past few months. If the price of imported gas is at a low level for a long time, there will be no small pressure on the domestic LNG market.

At present, the natural gas industry is recovering, but affected by public health events, the growth rate is slow, the situation of supply exceeding demand is difficult to reverse in a short period of time, and it still needs to wait for full resumption of production to drive demand. China imported 130 million tons of crude oil from January to March, 24.66 million tons of natural gas from January to March, with a year-on-year growth of 1.1% in the total amount of imported natural gas, 26.25 billion cubic meters of total natural gas supply (excluding gas storage), and 1.0% in the apparent consumption of natural gas.

Industry: according to the price monitoring of the business agency, on April 16, 2020, the price of bulk commodities in the list of energy sector rose one commodity month on month, with dimethyl ether (2.57%) rising. There are 9 kinds of commodities falling on a month on month basis, and 1 kind of commodity falling by more than 5%, accounting for 6.3% of the number of commodities monitored in this sector; the top 3 products falling are Brent crude oil (- 6.45%), diesel oil (- 2.04%) and gasoline (- 1.81%). The average price of this day was – 0.7%.

3、 Future forecast

According to the LNG analyst of business association, at present, the LNG market is stepping into the off-season, the downstream demand is general, the price of liquid in many places tends to be stable, and some areas begin to callback. It is expected that the price will mainly be consolidation in the short term.

1、 Price trend

According to the data of the business club’s large scale list, the domestic toluene market price stopped falling and rebounded this week. As of Friday, the domestic average price was about 3290 yuan / ton, up 7.87% from last week.

2、 Analysis and comment

1. Product: under the good boost of crude oil trend, the price of toluene producers and distributors has been raised. As a result, the price of toluene in China has risen sharply. At present, the mainstream price in East China is about 3400 yuan / ton.

2. Industrial chain:

Upstream, crude oil: before Thursday, under the expectation of OPEC + production reduction, the overall trend of wide fluctuation and climbing was maintained. On Friday, the new draft of OPEC + production reduction agreement was finalized, but there were still differences among some oil producing countries. OPEC Representatives announced that they would restart the negotiations on Friday. With the deepening of the negotiations, the uncertainty increased, and the outside world’s attitude towards the strength of production reduction and all parties remained Doubt, leading to international crude oil overnight ups and downs, late plummeting. As of Friday day, spot Brent rose 0.25%, Brent futures rose 1.07%, WTI futures fell 6.73%, and Dubai futures fell 4.65%.

On the downstream side, in terms of TDI, at present, Shanghai’s delivery quotation of goods with tickets refers to about 10200 yuan / ton, and it is expected that the TDI market will rebound in the next week, paying close attention to the factory’s later information guidance and the actual market trading situation. In PX market, the price of domestic Sinopec’s enterprises this week is about 4300 yuan / ton, and the latest price of the external market is about 462 US dollars / ton for FOB South Korea and 480 US dollars / ton for CFR China. It is expected that PX market price will rebound in shock next week.

3、 Future forecast

Toluene analyst of business and chemical branch thinks: in the short term, on the supply cost side, the new production reduction agreement draft of OPEC + oil producing countries is settled, but there are still differences between some oil producing countries, and the international crude oil price may still fluctuate and grind to the bottom. In the medium term, we will see the demand side, the inflection point of the epidemic and the progress of economic recovery. Next week, we will continue to focus on the news of OPEC + production reduction, worries about the global economic recession caused by the continuous spread of overseas epidemics, the trend of international crude oil and the progress of the resumption of construction of domestic downstream enterprises. Overall, it is expected that toluene prices in the international crude oil market and South Korean market will fluctuate and callback next week, and toluene prices in the domestic market will follow the shock adjustment next week.

1、 Price trend

On April 13, the market price of propylene in Shandong Province was generally stable, and some enterprises increased sharply to make up for the increase trend, but most of them are mainly stable today. Last month, the price of propylene in Shandong Province fell in shock. At the end of the month, it fell sharply again, with a monthly decline of more than 15%. On the first day, the price continued to decline by 100-200 yuan / ton, on the second day, it still declined by 50 yuan / ton, on the third day, the price of some enterprises slightly increased by 50-100 yuan / ton, after the Qingming period, the price of propylene steadily increased, on the seventh day, it began to rise by 100 yuan / ton, on the tenth day, it rose by 200-300 yuan / ton, and on the 11th day of Saturday, it was generally increased by more than 1000 yuan / ton, on the 12th day of Sunday, it continued to soar by 1000-5000 yuan / ton, on Monday After the sharp rise in the weekend, the market may need to digest. Today, the price has not changed. Some of the soaring enterprises have suspended the quotation today. Now, the market transaction is still between 8000-12000 yuan / ton.

2、 Analysis and comment

As far as propylene itself is concerned, its storage capacity is not high, long-term inventory cost is large, and tank capacity pressure is large.

Affected by the international situation, many countries have introduced production reduction policies to improve the crude oil market and increase the propylene price.

On the other hand, due to the impact of public health events, PP fiber materials have been widely concerned and demand has surged this year due to the application of masks. After April, especially before and after the Qingming Festival, the demand has suddenly increased, and the price of melt blown cloth has skyrocketed, and the raw materials are more favorable. The modified special material in PP is the melt blown cloth material, and the price has risen significantly. However, PP futures continued to rise last week, and there was a trading limit on Friday. Today’s market is still up, but there is no previous increase, which is conducive to the recovery of propylene price.

In fact, the total demand of masks for raw materials is limited. And because of the sharp rise of propylene, in terms of the rational market price of propylene at this stage, other downstream products of propylene are in a state of loss, the degree of loss may be large or small, but it is not conducive to their production and sales, so there are rumors of production suspension or reduction in other downstream products, which creates a certain pressure on the rise of propylene.

At present, there is good news about the reduction of crude oil production. PP in the downstream is rising obviously but the follow-up is limited. Most of the other downstream are affected or have plans to reduce production, or will cause pressure on propylene sales. Therefore, it is expected that the price of propylene will start to fluctuate in the near future.

1、 Price trend

According to the price monitoring of the business agency, the domestic aggregate MDI market continued to decline this week. At the beginning of the week, the average price of the domestic aggregate MDI market was 11100 yuan / ton. At the end of the week, the average price of the domestic aggregate MDI market was 11050 yuan / ton, with a decrease of 0.45% within the week. The price fell 8.49% month on month and 39.53% year-on-year compared with the same period last year.

2、 Market analysis

Product: this week’s news was short of guidance. In terms of the factory, the guidance price of keschuang continued to hang flat, with little support for the market. At the same time, Ruian’s offer was significantly reduced from 1100 yuan / ton to 10200 yuan / ton, which pushed a further force on the declining MDI. In addition, although the demand side is going back to work and production is stable, it will still take time for resale, with limited consumption of raw materials and weak demand. Therefore, both from the supply side and from the demand side are “boosting” the decline of MDI market, and the trend of crude oil on the macro side is still unclear, which reflects that MDI market makes the market operators more cautious.

Industrial chain: raw materials, pure benzene: domestic pure benzene market is up and down. Foreign prices are mainly rising, while CFR China’s foreign market upside supports domestic buying prices. The number of new production cuts at the OPEC + meeting was less than expected, and the epidemic continued to reduce demand, and there were still concerns about overcapacity. Oil prices closed lower on the 9th. Sinopec’s listing price was raised, but the negotiation was less than the market expectation, and the price in East China fell. There is still a need to focus on upstream energy price trends. It is estimated that the short-term pure benzene market will be consolidated within the range.

Aniline: this week, the domestic aniline market continued to decline, the demand for terminal rubber additives was still low, and the downstream market maintained rigid demand. At the beginning of the week, the manufacturer’s inventory accumulated a lot. Although the price of pure benzene continued to rise in the later period, the delivery pressure was still there. At the end of the week, Shandong Jinling led the decline, and the market kept falling. After the profit was released, the downstream market improved, and the manufacturer’s inventory gradually digested, but the aniline profit It is still at a high level, and the starting load of the manufacturer is basically stable. In terms of devices, Huatai devices were temporarily overhauled earlier this week, while the rest remained stable.

3、 Future forecast

Business Club view: under the guidance of short-term lack of information, business club aggregate MDI analysts expect that the domestic aggregate MDI market will maintain a weak shock next week.

1、 Price trend

Market analysis of potash products

According to the data monitored by the business agency, the average factory price of light potash in China this week is 6325.00 yuan / ton, including tax, which is stable. The current price is 7.66% lower than last year.

2、 Analysis of influencing factors

Product: the market of potassium carbonate is stable this week. The production of domestic potassium chloride in the upstream raw materials is normal. The import port of potassium chloride has a large number of new sources of goods in the bonded area. The market shows a weak downward trend, which has no supporting effect on the price of potassium carbonate. The market of potassium carbonate is weak downward this week. Generally speaking, the trading atmosphere of potassium carbonate market is general, the demand side is weak, and the actual transaction is not active The purchase of tourism is mainly based on rigid demand, and the domestic market of potassium carbonate is stable. According to the statistics of the business agency, the main quotation range of domestic industrial grade potassium carbonate this week is about 6100-6500 yuan / ton (the quotation is only for reference), and the quotation varies according to the purchase situation.

3、 Future forecast

According to analysts of potash, the upstream potash market is facing three major pressures, namely, large stock, weak demand and downward international prices. Therefore, the main contradiction in the current market is that supply exceeds demand. Unable to support the cost of potash, it is expected that the price of potash will be weak in the short term, and the long-term market still needs to wait and see. (the above prices are provided by the major potassium nitrate manufacturers all over the country and analyzed by the potassium carbonate analyst of the business association, for reference only. For more details, please contact the relevant manufacturers for consultation).

On April 2, WTI crude oil futures market prices in the United States rose sharply, with the main contract at 25.32 yuan / barrel, or US $5.01. Brent crude oil futures market prices rose sharply, the main contract at $29.94/barrel, up $5.20. WTI and Brent recorded the biggest daily gains, both exceeding 25%. The main reason is that U.S. President trump said publicly that he expects Russia and Saudi Arabia to announce substantial cuts in crude oil production, and Saudi official media reported that Saudi Arabia is calling for an emergency meeting of oil producing countries to deal with market turbulence.

On the 2 day, Trump said he had held talks with Saudi Crown Prince Mohamed, who had also talked with Russian President Putin about the price dispute between Russia and Saudi Arabia by telephone. Trump expects Saudi Arabia and Russia to announce a reduction of oil production from 10 million to 15 million barrels per day. The two countries are willing to reach an agreement.

In addition, Saudi media reported that Saudi Arabia called for an OPEC emergency meeting. The Wall Street Journal reported that Saudi Arabia would consider reducing its daily production to about 9 million barrels per day, about 3 million barrels per day less than planned in April. This news, combined with Trump’s Twitter information, led to a sharp rise in crude oil prices. WTI rose to $27.39/barrel at one time, an increase of more than 35%.

But then the market calmed down gradually and crude oil recovered some of its gains, mainly because market participants questioned whether Russia and Saudi Arabia could really reach an agreement on such a large-scale production reduction. At present, the specific details of Saudi Arabia and Russia’s production reduction are still unclear in the market. Besides OPEC +, it is still unknown whether other crude oil producers can participate in the production reduction in coordination. The division of market share makes it difficult for multiple interests to reach a consistent balance.

In the future, in the view of the business community, the global demand is still the decisive factor restricting the oil price. At present, the demand for crude oil has dropped by 20-30 million barrels / day. Moreover, in the short term, the epidemic has not been any good, especially in Europe and the United States. At the same time, the region is also the region with the largest demand for crude oil before the epidemic. The decline in demand is still continuing, and it is difficult for the oil price to have Too much improvement, even if Russia and Saudi Arabia have reached a new consistent production reduction agreement, it may be hard to make up for the share of the current decline in demand. In addition, the current market crude oil storage has reached a saturation state. It is reported that the global crude oil storage capacity will be exhausted after six weeks. In a comprehensive consideration, the rebound of oil price may only be a short-term behavior, and whether it can continue to rebound in the later period remains to be verified, The rebound range is not optimistic, and the medium and long-term oil price will still run at a low level.

London, March 31 – London Metal Exchange copper rose Tuesday after data showed a surprise rebound in factory activity in China, but recorded its biggest quarterly decline since 2011 as a result of a massive global economic halt caused by the coronavirus epidemic, reducing demand for metals.

At 17:00 on March 31, London time (00:00 on April 1, Beijing time), LME three-month copper rose 3.8% to $4951 per ton, the highest since March 18. But it fell about 20% in the first quarter.

Other industrial metals fell between 10% and 20% in the first quarter.

Copper prices recovered last week as global stock markets stabilised, the dollar weakened and some mines were closed due to the coronavirus outbreak.

But Kieran Clancy, an analyst at capital economics, said the impact of the coronavirus epidemic on demand would overshadow its impact on supply.

He said copper could fall to $4000 in the second quarter. “Things will get worse before they get better, and part of the improvement depends on the lifting of these epidemic control measures.”

China’s official Manufacturing Purchasing Managers’ index (PMI), the world’s largest consumer of metals, rose to 52 in March from a record low of 35.7 in February, but analysts warned that China’s sustained economic recovery in the short term was far from certain.

China’s economy is likely to grow by only 0.1% this year, the world bank said on Monday. China’s slowdown in novel coronavirus may inhibit the demand for exports from other countries.

Clancy of Kaitou macro said that the copper market supply may be over 800000 tons this year.

He said China’s blockade is being lifted and supply is recovering faster than demand.

Jiangxi copper, China’s largest copper producer, said it planned to produce 1.65 million tons of cathode copper in 2020, up 6% from last year.

Chile’s copper output in February was 451580 tons, up 8.3% from a year earlier, the Chile Bureau of Statistics said Tuesday. The country is the world’s largest supplier of copper.

State owned polish copper group KGHM, one of the world’s leading producers of copper and silver, is now operating below break even as copper prices fall below $5000, Polish Prime Minister Vladimir moravitsky said on Monday.

Rio Tinto Ltd said Tuesday it would cut some operations of its tiwai smelter in New Zealand to ensure the health and safety of its workers and comply with government restrictions on the control of the new crown virus.

Vedanta zinc international, a division of Vedanta Resources, a diversified miner, said Monday it would suspend operations of its Skorpion zinc mine and refinery in Namibia.

Novel coronavirus pneumonia (Surigao del Norte) project in southern Philippines will be suspended from April 1st, mineral company said on Tuesday, as one of the measures to prevent the spread of the new crown pneumonia epidemic.

LME three-month aluminum ended 0.3% lower at $1526 a tonne.

Three month zinc ended up 1.76% at $1905.50 a tonne.

Three month nickel ended up 1.45% at $11484 a tonne.

Three month lead ended up 2.2% at $1741.50 a tonne.

Three month tin rose 0.7% to $14602 a tonne.