London, Feb. 27, reported that copper prices rose Wednesday as expectations of strong growth in demand in China, a major consumer, boosted market sentiment, but the rally was limited by strong technical resistance at an eight-month high.

London Metal Exchange (LME) index copper closed up 0.2% at $6,506.50 a tonne, hitting a high of $6,531 earlier. Copper hit $6,540 on Monday, the highest price since July.

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In January, Chinese banks issued a record 3.23 trillion yuan ($484 billion) of new loans as policymakers tried to start investments to prevent further economic slowdown. This has led to the recent rise in copper prices.

“We became more optimistic after the January credit data were released,” said Marcus Garvey, an analyst at ICBC Standard Bank, adding that the seasonal impact meant that January data “needed to be treated with caution”.

“But if you look at the composition of numbers, you’ll see that deleveraging may be weakened.”

Technically, the rise in copper prices was blocked Monday at the $6,540 Fibonacci resistance level. Traders said that this level may require several attempts to break through and a trigger point, which may be a solution to Sino-US trade disputes.

LME registered warehouse has nearly 130,000 tons of copper in stock, which is close to the lowest level in 10 years.

The LME registered warehouse receipt zinc stock is 67,825 tons, the lowest since 2007, and more than 22% of the cancelled warehouse receipts are huge.

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Zinc in the three-month period rose 0.2% to $2,745 per ton.

Three-month aluminium prices rose 0.6% to $1,922 a tonne.

Lead rose 2.1% in the three-month period to $2,136 a tonne.

Tin fell 0.3% to $21,530 a tonne in the three-month period.

Three-month nickel rose 0.7% to $13,055 a tonne.

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On February 17, the fluorite commodity index was 123.16, which was the same as yesterday. It was 3.40% lower than the cyclical peak of 127.49 points (2019-01-03), and 150.27% higher than the lowest point of 49.21 on December 18, 2016. (Note: Period refers to 2011-09-01 to date)

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According to statistics, the recent domestic fluorite price trend has been slightly lower, the average domestic fluorite price is 3500 yuan/ton as of the 18th day. Due to the impact of strict environmental protection inspection, some domestic fluorite plants have recently stopped, mines and flotation plants have stopped and repaired, and the supply of fluorite in the field has been relatively reduced, but the recent downstream market is not good, and the price of fluorite market has slightly declined. In addition to the low temperature, the low start-up rate of fluorite flotation units in the North has aggravated the shortage of domestic fluorite supply. In the southern fluorite market, the start-up of fluorite flotation units has also been reduced, and the supply of fluorite in the field is tight, but the downstream terminal receipt is not active, resulting in a temporary stabilization of market prices. Up to the 18th, the price of 97 fluorite wet powder in Inner Mongolia was 3200-3600 yuan/ton, the mainstream of 97 fluorite wet powder in Fujian was 3300-3700 yuan/ton, the price of 97 fluorite wet powder in Henan was 3200-3600 yuan/ton, and the price of 97 fluorite wet powder in Jiangxi was 3200-3600 yuan/ton. The price of fluorite remained stable.

The market price of hydrofluoric acid in downstream fluorite has declined. The domestic market price of hydrofluoric acid was 12125 yuan/ton as of 18 days. The market price of hydrofluoric acid has slightly declined, which is not good for domestic fluorite market. In addition, the upstream refrigerant products have more maintenance devices, the demand for upstream fluorite and hydrofluoric acid has weakened, the recent downstream refrigerant trading market has declined, and the price of hydrofluoric acid products has slightly declined. Recent market of refrigerant downstream terminal market is cool, R22 refrigerant plant surface starts at 70%, R22 market device start-up rate is temporarily stable, the main production enterprise bulk water factory offer price is 17500-18500 yuan/ton, but the production enterprise does not have bulk water spot, mainly with a small number of cylinders shipped. In addition, the actual demand side of the market has declined, and the shipment market trend is poor. The domestic market price of R134a is slightly lower, the start-up rate of production enterprises is lower, the market demand for refrigerants is weakened, and manufacturers mainly export their products. However, the on-site transaction price does not change much, and the merchants purchase on demand. Recently, due to the impact of equipment maintenance, the upstream market demand for hydrofluoric acid has weakened. Generally speaking, there are many downstream negative factors, but due to the poor start-up of fluorite market devices, fluorite prices have a downward trend, Business Analyst Chen Ling believes that the fluorite market prices may be slightly lower.

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