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Sentiment in the base metal markets continues to improve, with strong import demand from China fuelling hope that the worst is behind us, according to ANZ Bank. 

Key quotes

“Tighter scrap regulations in China, mine supply disruptions in South America, and a revival in business activities kept refined copper imports strong.” 

“Total imports of copper rose 12.2% y/y in April to 460kt. This set the tone for the rest of the base metals sector, with zinc prices leading the gains.” 

“Treatment charges fell to their lowest level in China since January 2019. This normally suggests supply of concentrate is tight.”