Base metals closed higher across the board, and the main force of Shanghai copper fluctuated to the upside

On the macro front, US President Joe Biden met with Federal Reserve Chairman Jerome Powell at the White House, and Biden said that respecting the independence of the Fed, the Fed has the main responsibility for controlling inflation and should use its policy tools to deal with high prices
.
In addition, today the Shanghai area will begin to resume normal traffic and gradually resume production
.

On the supply side, disruptions continue in South America, with Peruvian Las Bambas suspending operations for more than 37 days and negotiations
failing again last week, according to Mysteel.
The Khoemacau copper mine in Botswana, Africa, has gradually resumed operations
at the beginning of this week after being suspended for 2 days last weekend due to the accident.
Domestic refinery maintenance has been relatively intensive since mid-to-late May, so TC prices have not dropped significantly due to mine supply disruptions, rising slightly by $0.
03/mt to $78.
50/mt
in the week of May 27.
TC prices are expected to remain elevated this week
.

In terms of consumption, with the gradual improvement of the epidemic situation in Shanghai in East China, production has begun to recover, consumption is more active, but consumption in other regions is still generally weak, and with the recent rise in copper prices due to macro factors, demand may be further suppressed
.
The focus of future market consumption is still focused on the strength of national policy support for various industries and the effect of landing, but overall, there are certain expectations
for improvement.

In terms of stocks, LME stocks fell 01,500 tonnes to 154,700 tonnes yesterday and SHFE stocks fell 35,000 tonnes to 109,300 tonnes
.

Overall, although there is a strong expectation of easing on the supply side, this may have been agreed by the market, so the adverse impact on prices may be relatively limited, and the focus of the future market is on the strength of national policy support for various industries and the effect of landing, while the recovery of travel in Shanghai is optimistic
about the demand outlook.
On the macro front, inflation remains high due to the current doubts about whether the pace of Fed rate hikes will be disrupted
.
So overall, the combination of factors remains positive
for copper prices.