What about base metals after the Chinese holidays?

he Chinese sector could not be found in the auctions held because it was during the holiday period. In this case, the limited price dynamics caused a decrease in market activities. As a result of the auction, the three-month copper contract LME increased 0.5% to $9,358 per tonne. Trading volumes were also low in India and Australia as markets were closed. Amelia Xiao Fu, head of commodity analytics at Bank of China International, reported that Chinese industrial activity could begin to recover in the coming weeks. 

Concerns about cuts in copper supply from Chile and Peru are heightened by the prospect of additional demand from China, which could further strain an already inadequate market. Due to insufficient copper supply, Cochilco analysts raised their average copper price forecast for 2023 to $3.85 per pound ($8490 per ton).

After the auction, zinc increased 1.6% to $3503.5 per tonne, reaching $3512 per tonne. Aluminium prices decreased by 0.7% to $2,639 per tonne, while metal stocks in foreign exchange warehouses increased by 40,200 tons to 419,425,000 tons. The three month tin contract increased 4.5% to $32,240 a tonne, its highest level since June.