Monthly Copper Market Report Mar 2019

During the two sessions held in March, Chinese government announced a tax reduction from the rate of 16% in manufacturing industry to 13% starting April 1st. Affected by the tax cut policy, copper futures price went down , with premium rising by over 1,000/t (USD149/t). In March, Chinese copper prices were generally stable at around RMB49,000-50,000/t (USD7,293- 7,442/t) and once reached up to RMB50,350/t (USD7,494/t) during the month, and the inventory also increased in domestic market. LME copper price remained stable at around USD6,300-6,500/t on the whole, along with an increase in inventory. Us dollar index went up before dropping in March when the Yuan-to-Dollar exchange rate kept stable

.Asian Metal CopyrightDuring the two sessions held in March, Chinese government announced a tax reduction from the rate of 16% in manufacturing industry to 13% starting April 1stAsian Metal Copyright