Demand side: China and New Energy form a solid support
“We think the market has digested the news that the supply of copper is exceeding expectations. Copper prices have fallen deeper in the first quarter. In the later period, we should focus on the supporting role of end-use consumption on prices.” Guotai Junan Futures anticipates an increase in copper production in Chile and global growth in 2017 The profits of major mining companies have increased significantly, which has driven the expansion of existing mines and production of new mines. The economic data of major countries are still bright, and the overall improvement of China's terminal consumer industries has been supported. In 2018, the global copper production will resume rapid growth with year-on-year growth. 3.5%, and 2017 decreased by 1.7% year-on-year.